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US looking to ease sanctions on Venezuela to boost oil supply: Report

The deal may be announced by the end of October and will allow US oil companies to drill oil in Venezuela, Nicolas Maduro will hold a free, fair presidential elections in 2024 in return

crude oil

Photo: Bloomberg

BS Web Team New Delhi
The US government may soon reduce sanctions on Venezuela, allowing Chevron and other oil companies to resume oil drilling there. This comes just hours after OPEC+ countries announced a cut in oil supply by two million barrels per day (bpd). A report by the Wall Street Journal (WSJ) said that lifting sanctions may allow oil exports from Venezuela to the US and Europe.

In return, the Venezuelan government led by Nicolas Maduro has agreed to resume talks with the Opposition and hold a free, fair presidential election in 2024, the WSJ report added. The deal also includes freeing up millions

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First Published: Oct 06 2022 | 12:14 PM IST

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