US eases sanctions on Venezuela's oil sector following an agreement in the elections

The United States is planning to ease sanctions on Venezuela after the government and opposition agreed to hold elections next year. The sectors that will be affected by the relaxation of sanctions are Venezuela's oil, gas, and gold industries. The Venezuelan government has also agreed to allow international observers to monitor the election, which is scheduled for the second half of 2024. However, other sanctions imposed on Venezuela due to protests suppression and democracy erosion will remain in place. The US has warned that if the electoral pact collapses, the relaxation of sanctions could be reversed. As part of the new general license issued by the US Treasury Department, Venezuela will be authorized to produce and export oil to its chosen markets for the next six months. The US has not set a time limit for the gold sector. Secretary of State Antony Blinken has stated that Venezuela must define a specific timeline and process for the expedited reinstatement of all candidates by the end of November. Blinken also emphasized the need for freedom of political prisoners and the release of wrongfully detained US nationals. The agreement between the Venezuelan government and opposition, signed in Barbados, includes promises to provide all candidates with access to public and private media and guarantee their freedom of movement throughout the country. Additionally, voter registries will be updated to allow Venezuelans who have emigrated to exercise their right to vote. However, certain candidates may be excluded under Venezuelan law, which could include opposition frontrunner María Corina Machado. The US has imposed harsh sanctions on Venezuela in the past, but engagement between the two countries has improved under President Joe Biden. The US has a vested interest in easing the crisis in Venezuela, as millions of Venezuelans have emigrated due to the dire state of the economy, with many heading to the US. Furthermore, Venezuela holds the world's largest proven oil reserves, and a scaling back of US sanctions on the country's oil industry would benefit both nations economically.