Venezuela Today, Iran Tomorrow? Leeway To Sell Oil
Is a United States decision to ease oil sanctions on Venezuela a precedent for dealing with Iran? Or does it reduce pressure to get more Iranian oil to market? A move by administration of President Joe Biden to allow Chevron, the second biggest US oil company, to export Venezuelan oil followed talks beginning Saturday in Mexico between the government of President Nicolas Maduro and the opposition. Revenues currently frozen abroad will be ringfenced by the United Nations into ‘humanitarian spending.’ Battling high inflation, alongside food and medicine shortages, the Venezuelan government has said the “kidnapped” fund would go into helping stabilize the electric grid, improve education infrastructure, and improve the response to this year’s flooding. The UN will manage a fund for over $3 billion currently held by US and European banks fearful of punitive US measures.