In a major shift from the Trump administration’s “maximum pressure” campaign, the Biden administration has significantly eased sanctions on Venezuela’s oil sector.
A new general license issued by the US Treasury Department permits Venezuela, an OPEC member, to produce and export oil to its chosen markets for the next six months without limitations. This marks the most extensive rollback of Trump-era restrictions on Caracas.
However, the US has given President Nicolas Maduro until the end of November to begin lifting bans on opposition presidential candidates and releasing political prisoners and “wrongfully detained” Americans.
A senior State Department official threatened to reverse sanctions relief unless Maduro takes these actions. The US has been seeking ways to boost global oil flows, but Venezuela’s oil sector remains troubled due to decades of mismanagement and insufficient investment.
