The United States had recently agreed to ease years-long sanctions against Venezuela on oil, gas, and mining industries in exchange for Venezuelan President Nicolas Maduro to conduct free and fair elections in the year 2024. It is shaping the path for changes in US-Venezuela ties.
Maria Corina Machado won by a large majority on 22 October in the Venezuelan opposition primary. She will fight against President Nicolas Maduro in the upcoming 2024 elections.
Steps that will benefit US-Venezuela Ties
The United States has placed sanctions on some prominent Venezuelan leaders for years, but the Trump administration tightened these sanctions in 2019.
The US administration widely viewed the election as fraudulent in which Mr. Maduro claimed victory and became the president of Venezuela.
Looking at the tensions between US-Venezuela, President Maduro has sought the lifting of sanctions, which have harmed his economy, the United States and its allies in the Venezuelan opposition have wanted Maduro to allow fair and competitive elections that could give his political opponents a legitimate chance at winning transparently.
The South American country ‘Venezuela’ is home to the largest proven oil reserves in the world. Sanction on oil by the US disturbs the entire Venezuelan economy. By understanding geopolitics, there is growing interest in the United States in the Venezuelan oil reserves. This has become more serious by considering the growing concern over a broader conflict in the Middle East, looking at the ongoing Israel-Hamas war and Russia-Ukraine war.
Now on another part of globe, with the war in Ukraine in full flow of oil and gas from Russia is decreasing to a trickle and a conflict.
In the South American continent ‘Venezuela’ in spite of its infrastructural problems and issues with President Maduro’s regime, the country is still a substantial producer and major player in the Global petroleum markets, and as such, an alternative source, which has largely been untapped for some time by the United States due to its sanctions.
Presently, the Biden administration is increasing interest in improving the economic situation in Venezuela by addressing the arrival of large numbers of Venezuelan migrants at the southern U.S. border illegally.
Venezuela’s authorities have agreed to accept Venezuelan migrants deported back from the United States. This move has smoothened the relations between both the United States and Venezuela.
Looking at the political conditions in Venezuela, the government released five political prisoners on 18 October 2023 to cheer up the country’s opposition. The five political prisoners the government released include Roland Carreño, a former adviser to the opposition leader Juan Guaidó, and Juan Requesens, a former deputy in the National Assembly.
All these are shaping US-Venezuela ties.
The swift building of a relationship between US-Venezuela has taken an emotional turn with rapid policy shifts in the countries.
Looking at the geopolitical conditions, with wars going on, cheap access to energy fuels is becoming serious with strict sanctions on Russia and Iran. The United States’ hard stand against Venezuela can hamper its economic growth.
With fuel prices rising, inflation has also hit hard across the globe. The South American country ‘Venezuela’ cannot afford to work under the strict regime of President Nicolas Maduro. The government authority’s agreement on free and fair elections in 2024 is a positive step towards building a socio-economic setup.
The softening of the US-Venezuela tie will boost the geopolitical scenario for both countries. With proper immigration policies, the lifting of sanctions, and fair elections in 2024, Venezuela is ready for new social, political, and economic growth.