Venezuela’s Maduro Pleads For Deal With U.S. Administration
Venezuela’s Nicolas Maduro has been waiting for the Biden Administration to negotiate a deal that would bring relief to the U.S. sanctions on the country holding the world’s largest oil reserves
Venezuela’s oil industry has crumbled in recent years due to the domestic crisis and the American sanctions. The U.S. ‘maximum pressure’ campaign on Maduro’s sources of income—oil being the primary such source—began to cripple Venezuelan oil exports in early 2019. At the same time, the lack of investment in the oil industry, years of mismanagement and corruption, and the hyperinflation in Venezuela compounded the problems for the oil sector in the country sitting atop the world’s largest crude oil reserves. The pandemic further crippled economic activity in the South American country.
Maduro hopes for a deal with the U.S. that could allow foreign capital to flow in the country, including in its oil industry. However, “There hasn’t been a single positive sign,”