The United States must consider its next steps, as the temporary license to ease restrictions on Venezuela’s oil sanction is set to expire on Thursday. The agreement's condition, which provides necessary breathing room for Venezuela's oil and gas sectors, would depend on President Nicolas Maduro making democratic progress by the upcoming election date of July 28.

The longstanding territorial dispute between Venezuela and Guyana has escalated in recent weeks, drawing international attention and raising concerns over the potential for a broader conflict. At the heart of the matter is the oil-rich Esequibo region, spanning over 160,000 square kilometers, where significant oil and gas reserves have been discovered.

On Nov. 22, Nelson Piñero, a prominent Venezuelan activist and a member of the opposition party Encuentro Ciudadano, was arrested within the confines of his own home. The charges levied against Piñero were centered around accusations of incitement of hatred.

On Oct. 22, various Latin American leaders gathered in Palenque, Mexico, to discuss potential solutions for the ongoing regional migrant crisis.

On Wednesday, Oct. 18, the Biden administration announced the softening of its sanction on oil, gas, and gold exports from Venezuela. The deal came one day after Venezuela’s incumbent leadership met with its opposition and agreed to hold democratic presidential elections in 2024.

The International Court of Justice announced it had ruled on whether it had the jurisdiction to arbitrate a dispute between Guyana and Venezuela.