In 2022, the White House granted Venezuela a financial lifeline “to support the restoration of democracy” after President Nicolás Maduro promised to work toward an open presidential election, granting U.S. energy giant Chevron a permit to pump and export Venezuelan oil despite sanctions.
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Senior administration officials have struggled to explain why the permit has been left in place under questioning by reporters, saying only that sanctions policy toward Venezuela is frequently reviewed. President Joe Biden told reporters last week he “didn’t have enough data” to adjust oil-related sanctions before he leaves office Monday.Venezuela sits atop the world’s largest proven oil reserves and once used them to power Latin America’s strongest economy.
Locked out of world oil markets by U.S. sanctions, Venezuela sold its remaining oil output at a discount — about 40% below market prices — to buyers like China and other Asian markets. It even startedOnce Chevron got a license to export oil to the U.S., its joint ventures quickly began producing 80,000 barrels a day, and by 2024, they topped their daily output from 2019. That oil is sold at world market prices.
It is not clear exactly how Venezuela’s government, which stopped publishing almost all financial data several years ago, uses this revenue. Neither the government nor Chevron have made public the terms of the agreement allowing the company’s return to Venezuela. Economist José Guerra, a former economic research manager at Venezuela’s Central Bank, said the license’s impact is partly reflected in the nation’s foreign cash reserves, which increased by roughly $1 billion between February 2022 and November 2024, according to the institution’s data. The government uses its dollar reserves in part to maintain an artificially low exchange rate between the U.S. dollar and the Venezuelan bolivar.
Venezuela’s National Electoral Council, stacked with government loyalists, declared Maduro the winner of the July 28 election hours after polls closed. But unlike in previous contests, electoral authorities did not provide detailed vote counts, while thefrom 85% of electronic voting machines showing its candidate, González, won by a more than a two-to-one margin. U.N. experts and the U.S.
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