US, Venezuela to announce oil sanctions deal on Tuesday -report

WASHINGTON (Reuters) – The Biden administration and Venezuelan President Nicolas Maduro’s government are expected to announce a deal on Tuesday that would ease U.S. sanctions on Caracas’ oil industry while opening up Venezuela’s 2024 presidential election, the Washington Post reported on Monday.

The Post, citing two people familiar with the talks, said the sanctions relief was expected to be announced after Venezuela signs onto election commitments at a meeting in Barbados.

Venezuela and U.S. envoys have met several times since last year in a renewed effort to solve a long-running political and economic crisis in Venezuela, including discussions on a presidential election, with recent progress indicating fresh oil sanction exemptions, five sources previously told Reuters.

Representatives for the White House and the State Department had no immediate comment on the reported Tuesday announcements. Representatives for Maduro’s government could not be immediately reached for comment.