WSJ: U.S. Plans to Ease Venezuela Sanctions, Enabling Chevron to Pump Oil

Wall Street Journal with the report, citing "multiple people familiar with the proposal":

• The Biden administration is preparing to scale down sanctions on Venezuela’s authoritarian regime to allow Chevron Corp. to resume pumping oil there
• paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela

More details here at the link (may be gated).

WSJ add that:

• U.S. officials cautioned that the deal could fall through, since it is contingent on Mr. Maduro’s top aides resuming talks with the opposition in good faith.

The report comes in the wake of OPEC+ cutting output:

• Forexlive Americas FX news wrap: OPEC makes a big cut, ISM services beats estimate

Which leaves the US seeking new supplies.