The US is reimposing sanctions on oil from Venezuela, saying President Nicolás Maduro’s revolutionary socialist government has “fallen short” on commitments to hold a free and fair presidential election this year.
The measure amounts to a recognition by the Biden administration that sanctions relief, granted six months ago, has so far failed to persuade Maduro to run a genuinely competitive contest.
Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company PDVSA, which has been steadily increasing output.
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