October 5, 2022 9:45pm EDT
Biden admin looks to scale down Venezuela sanctions, allow more pumping of oil rated among world's dirtiest
Back channel talks between Washington and Caracas have been occurring since at least March
By Bradford Betz FOXBusiness
The Biden administration is reportedly gearing up to wind down sanctions against Venezuela’s authoritarian regime, clearing the way for Chevron to resume its oil operations and reopen U.S. and European markets.
People familiar with the proposal told The Wall Street Journal that any sanctions relief wound hinge on talks between the government of Venezuelan President Nicolás Maduro and the country’s opposition regarding free and fair presidential elections in 2024. So far, such talks have failed to materialize.
Discussions of possible sanctions relief on Venezuela come as President Biden faces mounting political pressure to address rising gas prices ahead of the November midterms. It also comes as the Organization of the Petroleum Exporting Countries (OPEC+) said it would be cutting oil production by 2 million barrels a day, creating another headache for the president.
Such a deal between the U.S. and Venezuela could potentially enrage critics on all sides. Venezuelan opposition leader Juan Guaido has asked the U.S. government for details of Chevron’s expanded license request to operate in the country.
Guaido’s team has also expressed concern that an agreement between Chevron and Venezuela’s state oil company PDVSA underlying the license request would violate Venezuelan law.
Chevon told FOX Business it continues "to conduct our businesses in compliance with the current sanctions framework provided by the U.S. Office of Foreign Assets Control (OFAC) under General License 8."
The oil giant said it is a "constructive presence in Venezuela, where we have dedicated investments and a large workforce who are dependent on our presence."
"We remain committed to the safety and wellbeing of our employees and their families, the integrity of our joint venture assets, and the company's social and humanitarian programs during these challenging times," Chevron said.
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https://www.foxbusiness.com/politics/biden-admin-prepping-scale-down-venezuela-sanctions-allow-pumping-oil-world-dirtiest
