The United States is negotiating with Venezuela to normalize relations, the Wall Street Journal reported on October 5. Citing U.S. officials, the report stated Washington is offering the regime of embattled Venezuelan President Nicolás Maduro sanctions relief. In exchange, Maduro is to resume talks with Venezuela’s political opposition. Sanctions relief would mean unfreezing hundreds of millions of frozen state funds. It would also allow Western oil companies to resume work in Venezuela.
Venezuela has the world’s largest proven oil reserves. In 2019, its reserves were estimated at 304 billion barrels worth. (By comparison, Saudi Arabia the same year recorded 298 billion barrels.) Yet its economy for years has been in shambles. This is due to the economic mismanagement of its Socialist regime. Since leftist strongman Hugo Chávez came to power in 1999, the Venezuelan government had nationalized key industries—including the oil industries—to fund revamped social programs.
Read more at “America and Venezuela in Negotiations for Normalization”