Venezuela has released five political prisoners as had some policy shifts. This resulted in the most significant softening of relations between Venezuela and the United States in years. In a matter of days, Venezuela’s authoritarian government has agreed to accept Venezuelan migrants deported from the United States and signed an agreement with opposition leaders designed to move toward a free and fair presidential election in 2024. In exchange, the United States has agreed to lift some economic sanctions on Venezuela’s oil industry, a vital source of income for the government of President Nicolás Maduro. The developments come just days before more than one million Venezuelans are expected to head to the polls for a primary election to choose the opposition leader who will face Mr. Maduro next year.
Among the factors driving this flurry of new policies is Venezuela’s increased geopolitical importance. The South American country is home to the largest proven oil reserves in the world, and there is growing U.S. interest in those reserves amid concern over a broader conflict in the Middle East and the war in Ukraine, which has threatened access to global oil supplies.
Read more: https://www.nytimes.com/2023/10/20/world/americas/venezuela-us-sanctions-election.html