Latin America
The Dilemma of Oil Sanctions and Democratic Progress
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.
U.S. Lifts Sanctions Against Venezuela In a Bid to Ensure 2024 Elections
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.
Energy Crises Across the World Bring Gaze Back to Venezuela’s Oil Reserves
Amidst one of its worst energy crises, the United States is considering resuming oil pumping in Venezuela after years of imposing intense economic sanctions on the South American country. Though the deal is not yet finalized, the Biden administration has already established that this will only happen if Nicolás Maduro, the incumbent head of state of Venezuela, engages in talks with opposition parties to determine the necessary conditions to hold fair presidential elections in 2024.