Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Hamas official says despite this, Hamas leadership is currently undertaking a thorough review of the new proposal
Hamas official says the response fails to meet any of the just and legitimate demands of our people
Hamas official says it is clear that the Israeli response fundamentally seeks to entrench the occupation
Reuters citing Hamas official: Group received Israeli response to Witkoff proposal
Sources to Al Mayadeen: The news regarding a press conference tonight by the head of the Hamas movement in the Gaza Strip, Khalil Al-Hayya, is false.
Lebanese Ministry of Health: One person was martyred in an Israeli drone strike on the outskirts of Nabatieh al-Fawqa
Al Mayadeen's correspondent: The death toll in the al-Bureij camp massacre has risen to 19
Nicolas Maduro: Maria Corina Machado and imperialism wanted to spread violence and chaos so there would be no elections.
Venezuelan President Nicolás Maduro: We were able to neutralize 60 attacks on oil refineries and oil facilities and arrest more than 70 individuals involved.
CNN citing sources: Talks between Washington and Tehran are close to reaching a comprehensive agreement that could be concluded during the next meeting.

Eyeing its own interests, the US considers easing Venezuela sanctions

  • By Al Mayadeen English
  • Source: Agencies
  • 6 Oct 2022 09:56
  • 3 Shares
4 Min Read

If done, Chevron Corp. will be able to resume pumping oil.

  • x
  • Engaging Venezuela could serve as a longer-term strategy for the U.S. and European countries trying to secure new energy sources. PHOTO: HENRY CHIRINOS/SHUTTERSTOCK.
    Engaging Venezuela could serve as a longer-term strategy for the US and European countries trying to secure new energy sources. (Henry Chirinos/Shutterstock)

The Biden administration is preparing to ease sanctions on Venezuela's government to allow Chevron Corp. CVX 0.57% to resume pumping oil there, according to people familiar with the proposal, paving the way for a potential reopening of US and European markets to Venezuelan oil exports.

The sources added that in exchange for the massive sanctions relief, Venezuelan President Nicolas Maduro's government would resume long-stalled discussions with the country's opposition to discuss the conditions for the 2024 presidential elections.

The US and Venezuela's government have worked out a deal that would free up hundreds of millions of dollars in Venezuelan state funds that had been frozen in American banks to pay for food, medicine, and equipment for the country's battered electricity grid and municipal water systems.

Read next: Tankers carrying 1.22M barrels of Iranian crude arrive in Venezuela

Details are still being worked out, according to US officials, who emphasized that the arrangement might fall through if discussions will the opposition are not held.

The deal, if it goes through, will pave the way for Chevron and US petroleum services companies to resume Venezuelan oil exports to the global market amid soaring energy prices across the world.

Venezuela was a major oil producer in the 1990s, pumping more than 3.2 million barrels per day, but the output was reduced due to draconian sanctions imposed by the Trump administration, which also drove Western corporations out of the nation.

Related News

US treasury market records first 2025 monthly drop

One Chinese shipyard outbuilt entire US industry since WWII in one yr.

Any change in US policy that brings back Western oil corporations will convey a psychological signal to the market that greater supply is on the way, according to the sources. The US set its eyes on Venezuela after OPEC+ countries led by Saudi Arabia and Russia agreed to cut output in response to falling oil prices, infuriating the Biden administration.

Read next: Venezuela stops oil shipments to Europe

However, engaging Venezuela, which has some of the world's largest oil reserves, could serve as a longer-term strategy for the United States and European countries seeking new energy sources as the war in Ukraine drags on and upends commodity markets, according to Francisco Monaldi, a Latin America energy expert at Rice University.

“If [oil] prices come down, this all could change,” Monaldi said. “But for now, this is their obsession.”

Last month, Vice President for Western Hemisphere Affairs Brian Nichols testified before Congress on September 15 that if Venezuelan President Nicolas Maduro refuses to enter into formal negotiations with the nation's US-backed opposition, the United States is prepared to reimpose sanctions and take other comprehensive steps, reflecting the rather true US intent for the region as it tries to impose its own interests and dictations across the world. 

"We stand ready to snap back sanctions and ready to take comprehensive measures," Nichols told the US Senate Foreign Relations Committee in response to questions over what the lawmakers said was the Biden administration's slow and feckless diplomatic efforts in Venezuela.

In addition to law enforcement action, working with partners and allies to prevent the Venezuelan President from accessing frozen assets and supporting fact-finding missions by international organizations like the International Criminal Court are some of the planned or implemented measures regarding Venezuela, according to Nichols.

Read next: Venezuela is ready to supply the global oil and gas market - Maduro

  • United States
  • Biden administration
  • Venezuela
  • Joe Biden

Most Read

US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
Iran advisor reveals details of US-Iran nuclear talks to Al Mayadeen

Iran advisor reveals details of US-Iran nuclear talks: Al Mayadeen

  • MENA
  • 24 May 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025

Coverage

All
War on Gaza

Read Next

All
Independent presidential candidate Robert F. Kennedy Jr. announces he will suspend his presidential campaign during a news conference on Friday, Aug. 23, 2024, in Phoenix. (AP)
US & Canada

Trump-era health report cited fabricated scientific sources: NYT

From left to right, Dua Lipa, Benedict Cumberbatch, Tilda Swinton, Gary Lineker (AP)
Palestine

Dua Lipa, other stars press PM over UK complicity in Gaza 'horrors'

Republican Thomas Massie of Kentucky speaks during a TV news interview at the Capitol in Washington, Friday, Jan. 12, 2024 (AP/J. Scott Applewhite)
US & Canada

GOP Rep. Massie calls for ending all US military aid to 'Israel'

A seal reading "Department of Justice Federal Bureau of Investigation" is displayed on the J. Edgar Hoover FBI building in Washington, DC, Aug. 9, 2022. (AFP via Getty Images)
US & Canada

FBI arrests intel worker over leak plot tied to Trump

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS