The Biden administration is tired of Venezuela and is slowly walking away from efforts to promote democracy there.
No other conclusion can be reached from its decision to soften sanctions on Venezuelan oil and permit Chevron to produce more oil in the country. Because it would be untenable to treat Chevron far better than any other oil company, more such moves will be coming soon. Lawyers and lobbyists for European and Indian oil companies that have clamored for the opportunity to produce or purchase Venezuelan oil are no doubt composing their letters to the White House, Treasury, and State Department right now.
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