The Biden administration is moving to lift energy sanctions implemented by the Trump administration on Venezuela in exchange for freer elections.
The Biden administration is planning to ease existing Trump-era sanctions on the Venezuelan oil industry in exchange for the nation to hold more democratic elections in 2024, according to a new report. The Venezuelan government led by socialist dictator Nicolas Maduro is expected to sign an agreement on Tuesday with U.S.
As a result of the sanctions, crude oil imports from Venezuela sharply dropped from 634,000 barrels per day in January 2019 to 11,000 barrels per day in May 2019 and zero barrels per day in June 2019, according to the Energy Information Administration. The U.S. had imported 586,000 barrels of oil per day from the country in 2018. But the Biden administration has taken steps to pave the way for the sanctions to be eased and for U.S.-Venezuela oil trade to continue.
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