US Plans To Ease Venezuela Sanctions To Let Chevron Pump Oil There Again - Reports

WASHINGTON (UrduPoint News / Sputnik - 06th October, 2022) President Joe Biden is preparing to scale down sanctions against Venezuela to allow US oil major Chevron to start pumping oil again in a country that has theoretically been at conflict for years with the United States, the Wall Street Journal reported.

The move could help raise the global supply of oil and tamp down energy price hikes as the Biden administration heads for mid-term elections in November. The Journal report surfaced on the same day of a large output cut announced by oil producing alliance OPEC+ to shore up crude prices that had been beaten down for three months.

The move could pave the way for a reopening of US and European markets to oil exports from Venezuela, the Journal reported on Wednesday, citing multiple people familiar with the proposal.