Venezuela to renew talks with the opposition in hopes of weakening U.S. restrictions

According to information from insiders, the Venezuelan government and members of the opposition agreed to return to talks this weekend. Thus, a standoff within the country that has been lasting for a year might come to an end, while the US may get a possibility to weaken its oil restrictions.

Nicolas Maduro, president of Venezuela, and forces of the opposition are planning to send representatives to meet in Mexico in late November. It’s expected that the talks will be renewed on November 26. A range of issues is about to be discussed, and first of all — conditions for 2024 presidential elections in the country. As it was said by an insider, about $2.7 billion of government funds now frozen by the U.S. sanctions might be unlocked as a result of discussions.

It’s suggested that the official announcement will be made on Wednesday, with the mediation of Norway. According to the initial plan, regular meetings between the sides are scheduled in Mexico every 15 days.

In case the international economic restrictions are weakened after the talks, Venezuela will have a chance to increase oil output. It’s necessary to mention that the country has the largest crude reserves in the world. Although due to sanctions restricting financial activity of the U.S. companies in Venezuela, the Venezuelan oil industry has been seriously harmed, while also struggling with a lack of investment.