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Biden Team Open to Easing Economic Restrictions on Venezuela

  • U.S. wants to see progress in talks between Maduro, opposition
  • With Russian oil cut off, Venezuela seen as potential supplier
The Petroleos de Venezuela SA (PDVSA) El Palito refinery in El Palito, Venezuela, on March 9. 

The Petroleos de Venezuela SA (PDVSA) El Palito refinery in El Palito, Venezuela, on March 9. 

Photographer: Manaure Quintero/Bloomberg
Updated on

The U.S is willing to relax economic pressure on Venezuela depending on the outcome of upcoming talks between President Nicolas Maduro and the opposition, according to a senior Biden administration official. 

The comments indicate President Joe Biden wants to see progress toward restoring democratic governance before allowing Venezuela to increase oil exports to the U.S. amid a global supply crunch triggered by Russia’s invasion of Ukraine.