After months of secret negotiations, in October the Biden administration suspended many US sanctions on the South American dictatorship. After months of secret negotiations, the Biden administration suspended many US sanctions on Venezuela in October. AFP via Getty ImagesThe Biden administration is allowing Chevron and European oil companies to sign new contracts with Venezuela’s state oil company, PDVSA, and seems to have zero appetite for reversing course. When European oil companies were pressured to lift oil sanctions, they were rebuffed. The White House seems to think that lifting oil sanctions will help the Venezuelan economy, so Venezuelans will stay home.

Source: Forbes January 05, 2024 12:12 UTC