In the search for affordable sources of energy, Washington has decided to remove sanctions against Venezuelan petroleum. Put in place as a measure against the regime by Venezuelan president Nicolás Maduro. The sanctions are widely considered to be ineffective. The new approach to the bilateral relationship was well received by Caracas, which called it a pragmatic decision.
The change in US foreign policy towards Venezuela occurred on the same day that OPEC+, the extended club of the Organization of Petroleum Exporting Countries, decided to reduce oil production by 2 million barrels a day, which accounts for 2% of global production. The objective is to keep oil prices at the high levels seen since western sanctions limited Russian exports.