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FX.co ★ US attempts to improve relations with Venezuela

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Forex Analysis:::2022-06-29T09:43:51

US attempts to improve relations with Venezuela

US attempts to improve relations with Venezuela

Senior US officials visited Venezuela, but the trip was not widely publicized as Washington tries to improve relations with Nicolas Maduro amid continued energy shortages.

The US State Department said the purpose of the visit was to free several US citizens detained in Caracas, including oil industry leaders.

The report noted that the Venezuelan president confirmed the visit, saying the delegation met with the President of the National Assembly, a close ally of Maduro.

However, behind the official story, there is still a direct need to provide enough oil supply for the market, especially since demand is yet to slow down. Venezuela has been the focus of the US since earlier this year, even declaring that it was willing to lift some sanctions in exchange for oil. Washington said it would remove restrictions on oil companies such as Chevron Eni and Repsol so they could return to business in Venezuela.

US attempts to improve relations with Venezuela

More recently, France has urged Western leaders to consider bringing Venezuela and Iran back into global oil markets as restrictions on Russian oil exports by Europe, the UK and the US limit global supplies.

Analyst InstaForex
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