(MENAFN) According to the Wall Street Journal, Washington is prepared to loosen sanctions on Venezuela in order to allow US multinational energy firm Chevron to resume oil production in the South American country.
According to the journal, Venezuelan President Nicolás Maduro's government will have to have discussions with the opposition to "discuss conditions needed" to organize "free and fair" presidential elections in 2024, in exchange for "substantial sanctions relief."
Washington, Caracas, and some Venezuelan opposition officials are said to have hammered out an arrangement that would allow certain Venezuelan state cash frozen in American banks to be used to pay for food, medication, and utility equipment.
Following a prohibition on Russian oil in the United States and a partial embargo in Europe, Washington looked to Venezuela for relief, indicating in recent months that it may relieve economic pressure on Caracas, including allowing it to raise oil shipments. Prior to the Ukraine conflict, Russia supplied around 30% of the oil consumed in the EU.
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