CARACAS/WASHINGTON, (Reuters) – Venezuela’s government and opposition will return to political negotiations, the two sides said today, while sources said the United States has reached a preliminary deal to ease sanctions if President Nicolas Maduro follows through on commitments related to a 2024 election.
Maduro’s representatives and the opposition are expected to sign an election agreement this week, and the United States would quickly follow that with authorizations related to Venezuela’s oil business, according to two people in Washington familiar with the matter, speaking on condition of anonymity.
Any U.S. action would come only after Venezuela’s opposition and Maduro’s representatives sign an agreement under which he commits to a presidential election date and to the lifting of bans on some opposition candidates, these two sources said. They added that any sanctions changes would be dependent upon Maduro’s follow-through.
The United States is mindful that Maduro has failed to meet previous private and public commitments on holding free elections and is watching closely to be sure he complies with his latest promises, these sources said.
Another source in Washington said a document that is expected to be signed tomorrow by Maduro’s government and the opposition in Barbados would include a date for the election in the latter half of next year and allow international observers. It would also allow participation of opposition figures who are currently barred from holding office, the source added.
Reuters reported last week, citing five sources, that Venezuela and the United States had progressed in talks that could allow at least one additional foreign oil firm to take Venezuelan crude oil for debt repayment if Maduro resumed negotiations with the opposition.
Two of those sources had named France’s Maurel & Prom MAUP.PA, a joint venture partner with Venezuela state-run oil company PDVSA, as a possible recipient of a comfort letter.
At the time a Maurel & Prom spokesperson confirmed the company “made a request to this effect to U.S. authorities” but declined to elaborate.
Oil futures fell on Monday on reports of the potential sanctions easing, while investors continued to mull the potential impact of the escalating Israel-Hamas conflict on oil prices.
The return to talks was announced in a statement published by Norway, an observer of the talks, which are meant to provide a way out of Venezuela’s long-running political and economic crisis.
The opposition is set to hold a primary to choose its 2024 candidate on Sunday, though front-runner Maria Corina Machado is currently banned from holding public office. Maduro is expected to run for re-election but has not yet formalized his candidacy.