Link to article: https://www.reuters.com/business/energy/venezuela-could-add-400000-bpd-oil-output-if-us-approves-licenses-petroleum-2022-03-11/
Venezuela could increase its oil output to at least 400,000 barrels per day. This increase would only happen if the United States authorizes the request by PDVSA, the Venezuelan state-owned oil and natural gas company, to trade venezuelan crude oil. As stated by Venezuela’s Petroleum Chamber, Reinaldo Quintero, This would allow the OPEC member’s oil production to grow to 1.2 million bpd, as it averaged 755,000 bpd in January. The U.S. officials met with the Venezuelan President, Nicolas Maduro, and demanded that if they were to ease the oil trading sanctions, that Venezuela will supply a portion to the U.S.
It is important for the United States and other countries to find other sources of oil as Russia has been sanctioned for the Ukrainian War. Because Russia is a big producer of oil and gas, many countries are feeling the effects of halting oil and gas imports from Russia. This is why the United States is considering lifting sanctions on Venezuela. The U.S. would do so conditionally, only if Venezuela will give a portion of the oil to the U.S. This may be unpredictable as Venezuela has been allied with Russia. If Venezuela and the United States, as well as other countries can work together, the burden that oil and natural gas sanctions on Russia has created can be alleviated. However, there would be setbacks, including the urgent need for drilling rigs and massive capital in Venezuela that would put limits on production, and the idea of lifting punishment on Venezuela for human rights violations prematurely.
The sanctions were put on Venezuela because of human rights violations and government sponsored violence against civilians. OPEC, Organization of the Petroleum Exporting Countries, is an intergovernmental organization that has 15 member states, including Venezuela. Because Venezuela is a petroleum exporting country is why the US is interested in lifting sanctions on Venezuela, but only under the condition that they will provide oil to the U.S. This situation displays complex interdependence with how much countries depend on Russia for oil and gas. These efforts to release some sanctions and form better relations with Venezuela can start to pull Venezuela away from Russia, which would be beneficial for the US moving forward.