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☆ Venezuela Economy Grew 5% in 2023, Will Reach 8% This Year-Maduro
▼ + stars: | 2024-01-15 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Mayela ArmasCARACAS (Reuters) - Venezuela's economy grew more than 5% in 2023 and growth will reach 8% this year, President Nicolas Maduro said on Monday during his annual address to the government-allied legislature. Inflation reached just under 190% last year, according to the central bank, marking an easing from 234% the year before. "In 2024 we will continue the policy of stoking national production, of recovering national income, of recovering income for workers," Maduro told lawmakers. Oil income has previously been battered by low production due to deteriorated infrastructure and lack of investment. A date for the election has not been set, but it is expected in the second half of the year.

Persons: Mayela Armas, Nicolas Maduro, Maduro, PDVSA, Joe Biden, Julia Symmes Cobb, Deisy Buitrago Organizations: Mayela Armas CARACAS, Reuters, United Locations: State, U.S, United States

An oil pump jack is seen in an oil field near Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. REUTERS/Issac Urrutia/File Photo Acquire Licensing RightsHOUSTON, Dec 1 (Reuters) - Venezuela's oil exports remained almost unchanged in November at 651,000 barrels per day (bpd) even as an easing of U.S. sanctions is now allowing sales to trading houses, according to shipping and tanker tracking data. Washington in October temporarily lifted oil sanctions on the country as a way to encourage a presidential election in 2024, which prompted spot sales of Venezuelan crude and fuel oil to traders mostly bound for China. The stagnant production has driven PDVSA to offer trading houses and intermediaries a large portion of its oil stocks for exports. Besides seeking spot cash oil sales, PDVSA also has ramped up fuel imports since October.

Persons: Issac Urrutia, PDVSA, Marianna Parraga, Mircely Guanipa, Jonathan Oatis Organizations: REUTERS, Rights, China ., Reuters, Analysts, Chevron, Spain's, Thomson Locations: Lake Maracaibo, Cabimas, Venezuela, Washington, China, China . State, India, Venezuelan, United States, U.S, Houston, Maracay

☆ China slows Venezuela crude buys as U.S. sanctions lifting triggers 'disarray'
▼ + stars: | 2023-11-23 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. Independent refiners, known as teapots, account for a fifth of China's oil purchases, and more than half of its asphalt production. PetroChina, PDVSA and the Venezuelan oil ministry did not immediately respond to requests for comment. Before the U.S. imposed sanctions in 2019, subsidiary PetroChina Fuel Oil Co was the key seller of Venezuelan oil to independent refiners. Independent refiners like Venezuelan heavy crude for its high yield of road-paving material asphalt at about 60%, versus around 45% for Iranian oil.

Persons: Carlos Garcia Rawlins, Sellers, PetroChina, PDVSA, Muyu Xu, Marianna Parraga, Florence Tan Organizations: REUTERS, Rights, ICE Brent, Reuters, Fuel, Co, Thomson Locations: Morichal, Rights SINGAPORE, Washington, China, Venezuela, Iran, Russia, Iraq, Canada, OPEC, Malaysia, Venezuela's, Singapore, Houston

☆ Exclusive: Venezuela close to approving offshore gas license with Trinidad, Shell
▼ + stars: | 2023-11-20 | by ( Curtis Williams | ) www.reuters.com time to read: +4 min

The installations of liquified natural gas producer Atlantic LNG are pictured in Point Fortin, Trinidad and Tobago, December 10, 2022. REUTERS/Andrea De Silva/File Photo Acquire Licensing RightsNov 20 (Reuters) - Venezuela is close to approving a license for Shell (SHEL.L) and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Caribbean country, two people close to the matter said. The license could set in motion a long-running effort by Trinidad to boost its gas processing and petrochemical exports, while providing Venezuela with a much-needed extra source of cash. Venezuela, which holds Latin America's biggest gas reserves, and neighboring Trinidad, the region's largest liquefied natural gas (LNG) exporter, would complement each other's needs to produce and export gas. Trinidad and Tobago has the capacity to process 4.2 billion cubic feet per day (bcfd) into LNG, petrochemicals and power, but its gas production is about 2.7 bcfd.

Persons: Andrea De Silva, PDVSA, Stuart Young, Curtis William, Marianna Parraga, Marguerita Choy Organizations: Atlantic, REUTERS, Shell, National Gas Company, U.S, Trinidad's Energy, NGC, Thomson Locations: Point Fortin, Trinidad and Tobago, Venezuela, Caribbean, Trinidad, U.S, Venezuela's, Caracas, Trinidad ., Guiria, Houston

☆ Colombia's Petro says he proposed U.S. pay bonuses to Venezuelan migrants
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +2 min

Colombia's President Gustavo Petro speaks during a meeting with Venezuela's President Nicolas Maduro at the Miraflores Palace in Caracas, Venezuela November 18, 2023. Petro did not provide details about the bonuses nor did he say when he made the proposal. "I believe that this exodus ... should reroute toward their country of origin because, for the most part, they are Venezuelans," Petro added, emphasizing that migrants could choose to return to Venezuela or stay in Colombia. The Maduro government claims that around two million people have left Venezuela, and the Venezuelan president made no further reference to Petro's proposal. On other topics, Petro said it was "very likely" Colombia's majority state-owned oil firm Ecopetrol will partner with Venezuelan state-run oil company PDVSA in the exploration of gas and oil.

Persons: Gustavo Petro, Nicolas Maduro, Leonardo Fernandez Viloria, Petro, Vivian Sequera, Cynthia Osterman Organizations: REUTERS, Rights, Venezuelan, OPEC, Thomson Locations: Miraflores, Caracas, Venezuela, Rights CARACAS, United States, Colombia, Venezuelan

☆ Venezuela parliament chief rejects 'ultimatums' as US threatens sanctions review
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Venezuela's National Assembly President Jorge Rodriguez addresses the media at the Federal Legislative Palace, in Caracas, Venezuela October 24, 2023. Washington eased some oil sanctions last month after an electoral deal between President Nicolas Maduro's government and the political opposition was signed in October. The easing of U.S. sanctions is also conditional on release of political prisoners and "unjustly detained" U.S. citizens. But Rodriguez, who also heads the government delegation in the opposition negotiations, told a press conference on Friday that Venezuela would not accept ultimatums. "Venezuela does not accept ultimatums from anyone, by now everybody should know that, we don't care", he said.

Persons: Jorge Rodriguez, Gaby Oraa, Nicolas Maduro's, Maria Corina Machado, Rodriguez, PDVSA, Deisy Buitrago, Mayela Armas, Sarah Morland, David Gregorio Our Organizations: Federal, REUTERS, Rights, National, U.S, Thomson Locations: Caracas, Venezuela, Rights CARACAS, Washington, U.S, Venezuelan, State

The relaxed sanctions could lead to $1.4 billion in additional income for Venezuela over the next six months, analyst firm Sintesis Financiera said in a report. The additional oil income is expected to arrive gradually, partly though the redirection of exports. "The contribution will go to social spending and services." The government has traditionally increased social spending, public sector salaries, food distribution and housing construction projects ahead of elections, though national income has been limited over the last five years because of the sanctions and problems at PDVSA. Public spending has fallen to 15% of gross domestic product from 40% a decade ago, according to economic analysts.

Persons: Gaby Oraa, Nicolas Maduro, Sintesis Financiera, PDVSA, Jose Vielma, PSUV, Ecoanalitica, Oswaldo Ramirez, Jose Guerra, Maduro, Mayela Armas, Deisy, Julia Symmes Cobb, Rosalba O'Brien Organizations: REUTERS, Rights, Venezuelan Finance Observatory, Thomson Locations: Petare, Caracas, Venezuela, Rights CARACAS, Venezuelan, United States, Washington

Washington in mid-October issued a general license lifting through April sanctions on the country's oil production and exports. POLICY SHIFTThe U.S. imposed sanctions on Venezuela's oil industry to try to oust President Nicolas Maduro, whose 2018 re-election it considers a sham. In the last three weeks, PDVSA has signed new term deals to sell products, including fuel oil and asphalt cement with little known firms. LINING UPShortly after sanctions were eased last month, Trafigura chartered a vessel to pick up a fuel oil cargo at a Venezuelan port. The firm that won the offer is Romania-registered Ke Lo Ke Mgmt, PDVSA documents seen by Reuters showed.

Persons: Marco Bello, Nicolas Maduro's, PDVSA, Nicolas Maduro, Joe Biden's, Trafigura, Lo, Ke Lo Ke, Gunvor, Marianna Parraga, Gary McWilliams, Barbara Lewis Organizations: REUTERS, Gunvor, Reuters, Bloomberg, Thomson Locations: Puerto Cabello, Carabobo, HOUSTON, Washington, U.S, Venezuela, PDVSA, Venezuelan, Romania

☆ Oil prices ease as market awaits China data to gauge demand
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world's second-largest oil consumer. Both benchmarks gained about 30 cents on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. "Oil prices were supported by continued output cuts by Saudi and Russia the previous day but investors' attention has shifted to demand, especially in China," said Toshitaka Tazawa, an analyst at Fujitomi Securities, noting all eyes are on data from China this week. "We expect to see a tug-of-war at the levels near the current oil prices going forward, while digesting news on both supply and demand sides," Tazawa said, adding the trend may change dramatically if the Middle East situation becomes more tense. Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December.

Persons: Toshitaka Tazawa, Tazawa, Benjamin Netanyahu, Israel Organizations: Brent, West Texas, Saudi, Fujitomi Securities Locations: San Joaquin Valley, McKittrick , California, China, Saudi Arabia, Russia, Gaza, Moscow, Venezuela's

[1/3] A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The restrictions were removed in response to a deal reached between the country's government and opposition parties for the 2024 election. JPMorgan's index team, which has made no statement as yet on the future treatment of the Venezuelan bonds, has reached out informally to investors to discuss the topic, the sources said. Venezuela and PDVSA have around $60 billion of international bonds outstanding, which are in default. The decision on index membership and weighting is taken by JPMorgan, though any changes usually follow consultations with investors.

Persons: Ivan Alvarado, Rodrigo Campos, Jorgelina, Rosario, Karin Strohecker, Christina Fincher, Nick Zieminski Organizations: REUTERS, JPMorgan, Reuters, Thomson Locations: Caracas, Venezuela, United States, PDVSA, Washington

Cutouts depicting images of oil operations are seen outside a building of Venezuela's state oil company PDVSA in Caracas, Venezuela January 28, 2019. U.S. sanctions that were in place on Venezuela since 2019 largely blocked state-run oil company PDVSA from exporting to its chosen markets. That changed last week, but Washington's six-month relaxation of the measures is too limited to spur new crude production. PDVSA also is in talks with Mercuria Energy and Sahara Energy on spot sales, the sources said. The Italian company and Spain's Repsol (REP.MC) have been in negotiations with PDVSA for months to expand gas output in Venezuela.

Persons: Carlos Garcia Rawlins, Trafigura, PDVSA, Pedro Tellechea, Tipco, Spain's, Eni, Maurel, prepay, Marianna Parraga, Laura Sanicola Organizations: REUTERS, Rights, Global, PDVSA, Bermuda, Mercuria Energy, Sahara Energy, U.S ., Reliance Industries, Valero Energy, PBF Energy, Eni, Valero, Reliance, U.S . Treasury Department, Traders, Thomson Locations: Caracas, Venezuela, U.S, Venezuela's, Sahara, PDVSA's, Houston, Washington

Machado, 56, had led her rivals by some 40 points in polls. Though five people were released, the Maduro government said last week that those with disqualifications cannot run in the 2024 contest. The opposition, which says the disqualifications are unlawful, has been reticent about what it would do if Machado wins the primary but is unable to compete in 2024. Machado has said she could pressure the electoral authorities to let her register, while others have argued a substitute will be necessary. Reporting by Vivian Sequera and Mayela Armas; Writing by Julia Symmes Cobb; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Maria Corina Machado, Nicolas Maduro, Machado, Carlos Prosperi, Maduro, Vivian Sequera, Mayela Armas, Julia Symmes Cobb, Tom Hogue Organizations: Venezuelan, Thomson Locations: Caracas, CARACAS, United States, Machado's

The auction could start a new chapter for the 113-year-old company, which has been owned by Venezuela for almost 40 years. Washington and Venezuela's political opposition wanted Citgo to anchor the country's economic future under a democratically elected government. The sale could become the biggest court auction ever held. Motiva, Valero and Citgo's ultimate parent, Venezuela's state oil company PDVSA, did not reply to requests for comment. "Citgo will be strategic for Venezuela in the next 20-25 years, not only as a refining company, but with an expanded role," director Medina said.

Persons: Biden, Citgo, Nicolas Maduro's, Matthew Blair, Tudor, Blair, Jose Ignacio Hernandez, Leonard Stark, PDVSA, PDV, Juan Guaido, Natalie Shkolnik, Wilk Auslander, Nicolas Maduro, Stark, Evercore, Conoco, Horacio Medina, Carlos Jorda, Medina, Hernandez, Marianna Parraga, Erwin Seba, Gary McWilliams, Anna Driver Organizations: U.S . State Department, Reuters, Marathon Petroleum, Motiva Enterprises, Valero Energy, Koch Industries, Valero, U.S . Treasury, Holt, U.S, Crystallex International, PDVSA, National Assembly, Citgo, PDV, Supreme, Evercore, ConocoPhillips, Exxon Mobil, Exxon, U.S . Treasury Department's, Foreign Assets Control, Thomson Locations: United States, Petroleum, U.S, Houston, Venezuela, Washington, Saudi, Pickering, Citgo, Delaware, Caracas

☆ Oil climbs on Mideast contagion fears from Israel-Gaza conflict
▼ + stars: | 2023-10-20 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains on Friday, rising about 1% on fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions. Brent crude futures climbed 77 cents, or 0.8%, to $93.15 a barrel by 0042 GMT. U.S. West Texas Intermediate crude was at $90.36 a barrel, up 99 cents, or 1.1%. Israeli Defence Minister Yoav Gallant told troops gathered at the Gaza border on Thursday that they would soon see the Palestinian enclave "from inside," suggesting an expected ground invasion could be nearing. Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts, two people familiar to the matter said on Thursday, moving to resume cash sales to global refiners.

Persons: CLc2, Tony Sycamore, Yoav Gallant, Sycamore, PDVSA Organizations: Brent, . West Texas, Israel Defence Forces, Israeli, U.S, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters Locations: Israel, Gaza, Yemen, Saudi Arabia, Russia, United States, Washington, Venezuela, OPEC, Venezuelan

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The U.S. on Wednesday lifted most restrictions on Venezuela for six months for producing, selling and exporting oil to its chosen markets. But it is not expected to significantly boost Venezuela's deteriorated oil production or immediately lead to stronger exports. Venezuela can now receive direct payments for goods or services under the license issued by OFAC, which oversees American sanctions. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Washington, Pedro Tellechea, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham, Marguerita Choy Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets, Oil, OFAC, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Eni, Thomson Locations: Caracas, Venezuela, Venezuelan, U.S, Asia, PDVSA, United States, American, CHINA, EUROPE, China, India, PetroChina, Houston, Maduro, Washington

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The United States on Wednesday lifted for six months most restrictions on Venezuela for producing, selling and exporting oil to its chosen markets. Not all sanctions on PDVSA were lifted by the United States. Before sanctions, India and the United States were other top destinations. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets Control, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Italy's Eni, United, Thomson Locations: Caracas, Venezuela, Venezuelan, United States, U.S, Asia, PDVSA, American, CHINA, EUROPE, China, India, PetroChina, Maduro, Washington

[1/4] Maria Corina Machado, candidate of the Vente Venezuela party for the opposition primaries and Freddy Superlano, leader of the Voluntad Popular party, raise their arms as they pose for pictures after a press conference, in Caracas, Venezuela October 13, 2023. The primary is the first held by Venezuela's opposition in over a decade. Favorite Maria Corina Machado is barred from holding public office, in a move criticized by the opposition and the U.S alike, and it is not clear what will happen if she wins the primary. Two other candidates - former presidential candidate Henrique Capriles and ex-lawmaker Freddy Superlano - have already withdrawn their candidacies because of similar disqualifications. The U.S. government has conveyed to Maduro bans must be lifted for all opposition presidential candidates by the end of November in exchange for sanction relief, a senior U.S. official said on Wednesday.

Persons: Maria Corina Machado, Freddy Superlano, Leonardo Fernandez, Nicolas Maduro, Henrique Capriles, MARIA CORINA MACHADO, Machado, CARLOS PROSPERI Prosperi, Prosperi, Solorzano, Deisy Buitrago, Vivian Sequera, Mayela Armas, Oliver Griffin, Marguerita Choy Organizations: REUTERS, Voters, U.S, World Bank, Inter, American Development Bank, International Monetary Fund, Accion Democratica, Criminal Court, United Nations, Thomson Locations: Venezuela, Caracas, CARACAS, U.S, Guarico

REUTERS/Leonardo Fernandez Viloria/File Photo Acquire Licensing RightsNEW YORK/CARACAS, Oct 19 (Reuters) - Venezuela's sovereign bonds rallied on Thursday, a day after the United States lifted its ban on secondary market trading of some of the country's eurobonds, with investors eyeing a debt restructuring on some $60 billion of defaulted debt. "Prices have almost doubled in the past 24 hours but are still well below the pre-sanctioned levels," said Edward Cowen, CEO of Winterbrook Capital, who has co-invested in a fund to buy Venezuelan debt. Cowen added that a return to Venezuela's regular weighting on global indexes like JPMorgan's would give the prices further support. "I think the market was caught by surprise as the ban on secondary trading of bonds was not expected to be removed this early in the negotiation," said Armando Armenta, senior economist for global economic research at AllianceBernstein. Small funds and investors outside the United States had looked to increase their exposure to Venezuelan bonds on the expectation of debt renegotiations.

Persons: Leonardo Fernandez Viloria, PDVSA, Edward Cowen, Cowen, Armando Armenta, Maria Corina Machado, Rodrigo Campos, Mayela, Marc Jones, Corina Rodriguez, Christina Fincher, Will Dunham Organizations: REUTERS, South, Winterbrook, U.S . Treasury Department, Petroleum, Venezuelan, U.S . State Department, Mayela Armas, Thomson Locations: Bolivar, Caracas, Venezuela, CARACAS, United States, South American, U.S, Venezuela's, Venezuelan, New York, London, Madrid

☆ Exclusive: US easing Venezuela oil sanctions after election deal -official
▼ + stars: | 2023-10-18 | by ( Matt Spetalnick | ) www.reuters.com time to read: +4 min

Venezuela's President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi at the Miraflores Palace, in Caracas, Venezuela June 12, 2023. The U.S. imposed tough sanctions on Venezuela to punish President Nicolas Maduro's government following his 2018 re-election, which the U.S. and other Western governments rejected as a sham. Since 2019, U.S. sanctions have banned state-run oil company PDVSA from exporting to its chosen markets. The official warned, however, that U.S. decisions on relaxed sanctions would depend on Maduro complying with the latest agreement and working toward free and fair elections. Some opposition figures told Reuters on Monday they doubt Maduro's administration will follow through on the election pledges.

Persons: Nicolas Maduro, Ebrahim Raisi, Leonardo Fernandez Viloria, Joe Biden's, Nicolas Maduro's, Biden, Donald Trump's, We're, Maria Corina Machado, Maduro, Matt Spetalnick, Marianna Parraga, Mayela Armas, Josie Kao Organizations: REUTERS, Rights, Venezuelan, U.S . State Department, Reuters, U.S, EIA, Biden, Thomson Locations: Miraflores, Caracas, Venezuela, U.S, Maduro, Caribbean, OPEC, The U.S, Barbados, BARBADOS

☆ US easing Venezuela oil sanctions after election deal
▼ + stars: | 2023-10-18 | by ( Matt Spetalnick | ) www.reuters.com time to read: +2 min

Venezuela's President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi at the Miraflores Palace, in Caracas, Venezuela June 12, 2023. REUTERS/Leonardo Fernandez Viloria/File Photo Acquire Licensing RightsWASHINGTON, Oct 18 (Reuters) - The Biden administration on Wednesday broadly eased sanctions on Venezuela's oil and gas sector in response to a 2024 election deal reached between the Venezuelan government and the country's opposition. Treasury is prepared to amend or revoke the authorizations at any time if representatives of President Nicolas Maduro fail to follow through on their commitments in the deal with the opposition, it added. The changes include the issuance of a six-month general license for the oil and gas sector in Venezuela and another general license authorizing dealings with Minerven – the Venezuelan state-owned gold mining company. The frontrunner in an opposition primary scheduled for Sunday, Maria Corina Machado, is barred from office for 15 years as of June.

Persons: Nicolas Maduro, Ebrahim Raisi, Leonardo Fernandez Viloria, Biden, Minerven, Maria Corina Machado, Donald Trump, Maduro, Matt Spetalnick, Marianna Parraga, Mayela Armas, Vivian Sequera, Josie Kao, Lisa Shumaker Organizations: REUTERS, Rights, Venezuelan, U.S . Department of, Treasury, Treasury Department, U.S . State Department, Reuters, Washington, Biden, Thomson Locations: Miraflores, Caracas, Venezuela, Venezuelan, U.S

Rolling back Trump-era sanctions, U.S. officials issued general licenses for Venezuela's oil, gas and mining sectors in response to a deal between Venezuelan President Nicolas Maduro and the county's opposition on the 2024 presidential election. SLOW RECOVERYThe sanctions relief authorizes the production, sale and export of Venezuela's crude and gas, while keeping a ban on business with Russia. Since the U.S. imposed secondary oil sanctions on Venezuela in 2020, PDVSA had been unable to fulfill its supply contracts to clients in regions from Europe to Asia. An individual authorization to Chevron Corp (CVX.N) allowed the return of Venezuela's crude to the United States this year. Area chart shows data from U.S. EIA showing Venezuela crude oil production.

Persons: Leonardo Fernandez Viloria, Francisco Monaldi, Rice University's, Nicolas Maduro, Joe Biden, Monaldi, PDVSA, Baker Hughes, Maduro, Marianna Parraga, Julia Symmes Cobb, David Gregorio, William Mallard Organizations: REUTERS, Rights, South, Rice University's Baker Institute ., Trump, Venezuelan, OPEC, U.S, Chevron Corp, U.S Chevron, Eni, EIA, Thomson Locations: Jusepin, Venezuela, South American, U.S, American, Russia, Iran, Europe, Asia, United States, Trinidad and Tobago, China, Caribbean

[1/2] Venezuela's President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi at the Miraflores Palace, in Caracas, Venezuela June 12, 2023. It was not immediately known how soon the U.S. might act or how far it could go with sanctions relief. U.S. sources have also said any relaxation of sanctions would be reversible if Maduro fails to meet his election commitments. Maduro, president since 2013, is expected to run for re-election but has not yet formalized his candidacy. The U.S. imposed sanctions on Venezuela to punish Maduro's government following a 2018 election that Washington considered a sham.

Persons: Nicolas Maduro, Ebrahim Raisi, Leonardo Fernandez Viloria, Joe Biden's, Maduro, Maria Corina Machado, Jorge Rodriguez, Rodriguez, Gerardo Blyde, Machado, Maduro's, Washington, Deisy Buitrago, Vivian Sequera, Matt Spetalnick, Julia Symmes Cobb, Will Dunham, Josie Kao Organizations: REUTERS, Rights, European Union and United Nations, Reuters, U.S, Petroleum, Thomson Locations: Miraflores, Caracas, Venezuela, Rights CARACAS, WASHINGTON, U.S, Washington, Maduro, Barbados, Qatar, Houston

The negotiations, meant to provide a way out of Venezuela's long-running political and economic crisis, will take place in Barbados. The U.S. State Department celebrated the announcement of the return to talks but did not mention sanctions relief. Some members of the opposition said on Monday that they doubted Maduro would follow through on his promises. But with no substantial investment in Venezuela's oil sector for over a decade, any real oil output increase will take time, according to analysts. The return to talks between Maduro's government and the opposition was announced in a statement published by Norway, an observer.

Persons: Elvis Hidrobo Amoroso, Jesus Maria Casal, Venezuela's, Leonardo Fernandez Viloria, Nicolas Maduro, Joe Biden's, Donald Trump's, Maduro, Maria Corina Machado, Maurel, PDVSA, Maduro's, Washington, Biden, John Barrasso, Mayela Armas, Matt Spetalnick, Marianna Parraga, Julia Symmes Cobb, David Gregorio Our Organizations: Electoral Council, Primary Commission, REUTERS, Rights, U.S . State Department, Reuters, U.S, Republican U.S, United Nations, Thomson Locations: Caracas, Venezuela, Rights CARACAS, WASHINGTON, HOUSTON, Washington, U.S, Maduro, Barbados, United States, Venezuelan, The U.S, Qatar, China, Russia, Cuba, Ukraine, OPEC, America, Norway, Houston

Any U.S. action would come only after Venezuela's opposition and Maduro's representatives sign an agreement under which he commits to a presidential election date and to the lifting of bans on some opposition candidates, these two sources said. It would also allow participation of opposition figures who are currently barred from holding office, the source added. Reuters reported last week, citing five sources, that Venezuela and the United States had progressed in talks that could allow at least one additional foreign oil firm to take Venezuelan crude oil for debt repayment if Maduro resumed negotiations with the opposition. Two of those sources had named France's Maurel & Prom (MAUP.PA), a joint venture partner with Venezuela state-run oil company PDVSA, as a possible recipient of a comfort letter. The return to talks was announced in a statement published by Norway, an observer of the talks, which are meant to provide a way out of Venezuela's long-running political and economic crisis.

Persons: Elvis Hidrobo Amoroso, Jesus Maria Casal, Venezuela's, Leonardo Fernandez Viloria, Nicolas Maduro, Maduro, Maduro's, Maurel, Maria Corina Machado, Mayela Armas, Matt Spetalnick, Marianna Parraga, Julia Symmes Cobb Organizations: Electoral Council, Primary Commission, REUTERS, Rights, Reuters, Thomson Locations: Caracas, Venezuela, Rights CARACAS, WASHINGTON, United States, Washington, Barbados, U.S, mull, Israel, Norway, Houston

Cutouts depicting images of oil operations are seen outside a building of Venezuela's state oil company PDVSA in Caracas, Venezuela January 28, 2019. Separate talks between Maduro's envoys and the Venezuelan opposition are expected to follow in Mexico in the coming weeks, according to sources. Washington has been trying to encourage negotiations between Maduro and the political opposition over elections in Venezuela and other demands. The proposal included reframing oil sanctions on Venezuela by amending existing U.S. executive orders or issuing new ones so buyers in Europe and other regions could resume imports of Venezuelan oil in a structured, organized way. Chevron (CVX.N) has been allowed to expand operations in Venezuela and export its oil to the U.S. since November.

Persons: Carlos Garcia Rawlins, Nicolas Maduro, Maurel, PDVSA, Vivian Sequera, Mayela, Andrew Mills, Marianna Parraga, Matt Spetalnick, Benjamin Mallet, Marguerita Choy Organizations: REUTERS, Rights, U.S, U.S . State Department, White, Doha, Chevron, Eni, Mayela Armas, Thomson Locations: Caracas, Venezuela, Rights CARACAS, DOHA, HOUSTON, Mexico, Washington, Doha, Venezuelan, Maduro, U.S, Qatar, Iran, American, Europe, Houston, Diego Ore, Mexico City, Paris

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