The United States will provide a six-month ease of sanctions on Venezuela's energy sector after an agreement between the Venezuelan government and the US-backed opposition was reached on Tuesday regarding the 2024 elections.

A second general license was also issued authorizing dealings with Minerven - the Venezuelan state-owned gold mining company - citing positive effects in reducing black-market trading in gold.

"In response to these democratic developments, the US Department of the Treasury has issued General Licenses authorizing transactions involving Venezuela's oil and gas sector and gold sector, as well as removing the ban on secondary trading," the US Treasury Department said in a statement.

Unlawful sanctions

Commenting on the partial lifting of sanctions, Venezuelan President Nicolas Maduro said the country is ready for a new stage of relationship with the US and Western countries based on mutual respect and cooperation.

"Let's restore a relationship of respect, cooperation, yes, cooperation for the sake of peace, coexistence of the entire Western Hemisphere, the entire American and Caribbean continent. This is my message to the decision-makers, those in power and the government of the United States of America," Maduro said on Tuesday at a meeting with a delegation representing the government in talks with the opposition in Barbados.

"We as Bolivarians, as successors of the legacy of [former Venezuelan President and] Commander Hugo Chavez, are ready, as he always wanted, for a new stage of relations with the United States of America - respect, equality and progress." 

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The President added that Caracas has made an initial step forward toward the continuous lifting of all sanctions against the country, stressing that this is the "global consensus" of Venezuelans as "84% of citizens one way or another demand that sanctions be lifted."

During the meeting, Maduro agreed to the suggestion of Venezuelan National Assembly President Jorge Rodriguez to convene a national peace conference. This conference aims to allow a broad spectrum of Venezuelans to craft a cohesive stance "to defend the country's significant interests and to call for the total removal of all unlawful and punitive sanctions."

Venezuelan Vice President Delcy Rodriguez, an attendee at the Caracas meeting, articulated the conditions of the US license, describing them as "an initial move in restoring international legitimacy towards economic, commercial, and financial liberties."

Rodriguez conveyed, "Ultimately, this illustrates the triumphant perseverance of the Venezuelan people who acknowledge not the foreign jurisdiction, but Venezuela's jurisdiction. It signifies that Venezuela and its citizens have persistently been justified in asserting our rights to harness oil, cultivate gold, and export gas — capitalizing on the wealth and natural resources of our nation. Hence, this is a monumental achievement for our country."

Washington wants oil

Venezuela's daily oil production saw a rise from 732,000 to 810,000 barrels per day between January and July 2023.

Washington has been making efforts to secure oil at a target price after global oil prices hiked following the West's imposition of sanctions on Russia's Urals. Moreover, the declining influence of the US on OPEC+ decisions forced Washington to seek alternative energy sources, especially after the historic depletion of the Strategic Petroleum Reserves SPR.

Discussions have been ongoing for months between the two countries, indicating a shift in American policies toward Venezuela - which has the world's largest proven oil reserves.

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In November 2022, the US Treasury provided a new license allowing Chevron to extract oil in Venezuela for six months through its joint venture partners such as state-owned PDVSA. However, the license did not expand operations or allow new American investment in Venezuela's oil sector.

The first shipment of Venezuelan oil by US Chevron to the United States took place in January this year.

Media reports in September suggested that the US-based energy giant plans to boost production by 65,000 barrels of oil a day by the end of 2024, pushing its total output to 200,000 bpd in its joint venture with PDVSA.

Chevron declined to comment on the reports.

Solid step

On Tuesday, an agreement was struck between Venezuela's government and the opposition, ensuring electoral safeguards. An internationally supervised election is scheduled to take place in the latter part of the upcoming year.

"This is the first step in a much broader agreement," the head of the government delegation Jorge Rodriguez said. Meanwhile, the opposition representative Gerardo Blyde described the agreement as a "solid step" forward.

It is worth noting that "the license will be renewed only if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained," according to the Treasury statement.