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
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Eyeing its own interests, the US considers easing Venezuela sanctions

  • By Al Mayadeen English
  • Source: Agencies
  • 6 Oct 2022 08:56
  • 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 removes Syria envoys as Kurds face pressure to join Damascus

Trump vows antifa crackdown after Charlie Kirk killing

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

Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Why is Choose Love using a firm with British and US intelligence connections to run a pro-Palestine musical event? (Al Mayadeen English; Illustrated by Batoul Chamas)

Together for Palestine: Troubling questions about the organisers of this huge event

  • Opinion
  • 17 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

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