Deal to end sanctions would require Venezuela to conduct a competitive, internationally monitored presidential election next year
A lifting of U.S. sanctions on Venezuelan oil would lead to more oil on the global markets but mark the start of a “long journey” for the South American country’s efforts to boost production, economists at Capital Economics said on Monday.
If a deal is secured, there will be a lot of attention on whether the Maduro government honors its side of the deal, the economists said, noting that past elections were “marred by irregularities and were widely disputed by the international community” and by Venezuela’s opposition. Given that, there is “probably scope for production, which has started to rise, to increase further if sanctions are lifted,” they said.
“ ‘While lifting of U.S. sanctions would facilitate higher oil output from Venezuela in the medium term … we are skeptical that it will make much difference to the global oil market in the near term.’”
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