As Venezuelan antagonists speak, US softens stance

Negotiations between the Venezuelan government and the opposition could lead to an easing of the country's protracted crisis.

BOGOTÁ, Colombia — A rare meeting between the leaders of Venezuela's deeply divided government and opposition is set to yield two major agreements to ease the country's complex political and humanitarian crisis.

The meeting partly reflects the economic ripple effects of Russia's invasion of Ukraine, which reduced global oil supplies and caused the United States to reconsider its restrictions on energy companies operating in Venezuela.

If all goes as planned, the talks, scheduled for Saturday, will lead to an agreement to transfer up to $3 billion from Venezuelan government funds frozen abroad in a humanitarian program administered by the United Nations - a concession of President Nicolás Maduro of Venezuela, who has long denied the extent of the suffering that has taken place under his tenure.

At the same time, the United States is expected to approve a license application from Chevron Corp. to expand its operations in Venezuela, according to three people familiar with the matter. The deal could represent an important step in allowing Venezuela to re-enter the international oil market, which Mr Maduro desperately needs to improve the economy.

States US State Department officials have publicly applauded the return to negotiations between the two sides, after an earlier effort was halted by the Maduro government last year.

But a Biden administration official with knowledge of the talks said any action related to Chevron in Venezuela "is contingent upon the parties effectively announcing specific commitments to support the people of Venezuela.”

The official requested anonymity to be able to speak freely on the matter.

For years, Chevron and other oil companies have been prevented from operating on a large scale in Venezuela by US sanctions designed to starve Mr. Maduro's government.

ImagePresident Nicolás Maduro of Venezuela speaking in Caracas earlier this month.Credit...Federico Parra/Agence France-Presse — Getty Images

Following agreement expected, other companies are expected to pressure the United States to "They're further lifting Venezuela-related restrictions, including sanctions that bar entities in India and elsewhere from importing Venezuelan oil," said Francisco Monaldi, director of Rice University's Latin America energy program. by Mr. Maduro. But if he lifts the sanctions, it would be an economic game-changer for Venezuela's authoritarian leader, Monaldi added.

"My concern," he he said of the expected Chevron license, "it's that the United States seems to be giving a lot for very little."

A Chevron spokesperson didn't did not want to comment on the expected agreement.

The meeting between the Venezuelan government and opposition leaders, held in Mexico, is the result of more a year of talks between the two sides on how to address the country's economic, political and social problems. humanitarian crisis, which dates back to at least 2014.

But the talks are also part of a broader loosening of US policy toward Venezuela, which many say analysts, is linked to a growing global need for non-Russian oil sources. Venezuela is believed to hold...