24 November 2022 | Other

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.

Company MarketCheese
Period: 14.05.2025 Expectation: 1650 pips
Technical and fundamental background supports AUDCAD
07 May 2025 78
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Period: 08.05.2025 Expectation: 550 pips
EURUSD to drop to 1.13000
07 May 2025 53
Period: 13.05.2025 Expectation: 240 pips
Brent crude price rebound to continue up to 65
07 May 2025 70
Period: 14.05.2025 Expectation: 1000 pips
Buying GBPUSD amid trade talks and weaker dollar with target at 1.344
07 May 2025 34
Period: 12.05.2025 Expectation: 1500 pips
USDJPY rebound fades ahead of Fed meeting
06 May 2025 71
Period: 30.05.2025 Expectation: 975 pips
Natural gas maintains upside potential within megaphone pattern
06 May 2025 75
Go to forecasts