The Biden administration hopes to lower gasoline prices for US consumers following production cuts made by the Saudi-led OPEC+ group to stabilize the global market.
The United States, according to people familiar with the matter, has no intention of a blanket lifting of sanctions on Venezuela. However, a recalibration of policy toward private sector firms may allow them to recover debt owed by the Venezuelan state oil company PDVSA, which President Nicolas Maduro appears willing to do.
PDVSA stopped payments to creditors in 2017 after it was subject to US sanctions.
The US is also concerned about dependence of Venezuela's refineries, especially El Palito on Iranian heavy crude. Since May 2022 Iran has exported 6.8 million barrels of its heavy crude to Venezuela’s refineries.
A policy adjustment could allow Venezuela to import much needed diluent supply for extra heavy oil production from the US Gulf Coast, which would pivot Venezuela away from Iran, as well as increase the transparency of these shipments, according to the sources.
Talks about a possible thaw in US-Venezuela relations come amid reports that the Venezuelan opposition appears ready to oust interim government opposition leader Juan Guaido, and the United States has indicated it would not interfere in the process.
Maduro's government and the country's opposition plan to resume talks in Mexico later this month that will reportedly focus on conditions for a presidential election in Venezuela.