Economy & Business, Politics

Biden Facing Heat Over Deal With Venezuelan Oil

Republicans took aim at President Joe Biden following reports that he is considering providing significant sanctions relief to Venezuela’s government in order to allow Chevron to resume pumping oil there, clearing the way for the resumption of crude exports to the West.

According to the proposed deal, reported by the Wall Street Journal, the Biden administration would grant sanctions relief to Venezuelan President Nicolas Maduro on the condition that he resumes long-stalled talks with political opposition on conditions needed to hold free and fair presidential elections in 2024.

The proposal comes one day after OPEC+ members announced they would cut oil production by 2 million barrels per day, delivering a significant blow to the Biden administration, which had lobbied extensively for the oil producers not to reduce their output and squeeze the energy markets further. Read more…

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