Biden admin looks to scale down Venezuela sanctions, allow more pumping of oil rated among world's dirtiest

Bradford Betz / FOXBusiness

The Biden administration is reportedly gearing up to wind down sanctions against Venezuela’s authoritarian regime, clearing the way for Chevron to resume its oil operations and reopen U.S. and European markets. 

People familiar with the proposal told The Wall Street Journal that any sanctions relief wound hinge on talks between the government of Venezuelan President Nicolás Maduro and the country’s opposition regarding free and fair presidential elections in 2024. So far, such talks have failed to materialize. 

Discussions of possible sanctions relief on Venezuela come as President Biden faces mounting political pressure to address rising gas prices ahead of the November midterms. It also comes as the Organization of the Petroleum Exporting Countries (OPEC+) said it would be cutting oil production by 2 million barrels a day, creating another headache for the president. Read more and see video here.