President Joe Biden (D) is reportedly preparing to ease sanctions on socialist Venezuela to allow a U.S. oil company to resume production there, which comes as OPEC announced early Wednesday that it would be significantly cutting oil production.
The New York Times reported that Russia and Saudi Arabia, acting as the leaders of the 23-member nation OPEC energy cartel, announced a massive reduction in oil production of two million barrels per day, a move that will likely send gas prices skyrocketing and cause political problems for the Biden administration.
The Biden administration is now “preparing” to lift sanctions on Venezuela to allow Chevron to pump oil again from the leftist authoritarian regime in an attempt to stave off political disaster for the administration caused by rising fuel prices.
The administration would give “significant sanctions relief” if Venezuelan President Nicolas Maduro’s regime held talks with the country’s political opposition and held free and fair elections in 2024. The administration has also worked out a deal freeing up hundreds of millions of dollars in Venezuelan funds that are frozen in U.S. banking institutions.
