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United States, Venezuela in talks for Venezuela to take up the slack in oil supply after sanctions against Russia

Posted: Friday, March 11, 2022. 10:03 am CST.

By Rubén Morales Iglesias: The Russian invasion of Ukraine may provide relief of United States sanctions on Venezuela as the US looks for new oil markets following its banning of the Russian oil market.

As the saying goes: “Misery acquaints a man with strange bedfellows.”

The United States and Venezuela have not seen eye-to-eye for a while now, but the Russian invasion of Ukraine may provide relief for Venezuela which has suffered from US imposed sanctions now that the US is looking for new oil markets following its clampdown on Russian oil.

To that end, officials from both countries met last weekend. The United States is seeking among other things for Venezuela to turn to a more democratic government, withdraw its support of Russia, and to free US citizens or pro-US Venezuelan citizens it has incarcerated. Venezuela already freed two US nationals according to AFP.

Venezuela is looking for a better market and prices for its oil and the United States can offer them a way out.

The question is how much each side is willing to give up to reach an agreement that will be beneficial to both.

But while the US considers unfreezing oil proceeds at Russian banks that have been blacklisted by the United States, a number of statesmen are against the US lifting sanctions on Venezuela. On the other hand, Maduro is asking for a total lifting of sanctions that have severely curtailed Venezuela’s oil exports. He is also looking for a removal of sanctions on him and other Venezuelan officials.

Maduro said Saturday’s meeting with a US delegation in Miraflores was “respectful, cordial, very diplomatic”.

Maduro said it was agreed to work on an agenda with the US delegation.

He noted that once Venezuela’s state-run oil company “PDVSA is recovered, we are prepared to advance to the production of 2 or 3 million barrels’’.


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