The Organization of the Petroleum Exporting Countries agreed on Wednesday to slash output by 2 million barrels of oil a day, delegates said, a move likely to push up already-high global energy prices
Word of a possible U.S. rapprochement with Venezuela is emerging just as OPEC+ countries led by Saudi Arabia and Russia agreed to slash production in response to sagging oil prices, angering the Biden administration.
The Biden admin calls the move a ''hostile act against the US''.
Any shift in U.S. policy that brings back Western oil companies would send a psychological signal to the market that more supply is on the way, the people said.
The Biden administration is preparing to scale down sanctions on Venezuela to allow Chevron Corp. to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela
If the deal goes through and Chevron, along with U.S. oil-service companies, are allowed to work in Venezuela again, it would put only a limited amount of new oil on the world market in the short term.

Great

bn365:
The Organization of the Petroleum Exporting Countries agreed on Wednesday to slash output by 2 million barrels of oil a day, delegates said, a move likely to push up already-high global energy prices
Word of a possible U.S. rapprochement with Venezuela is emerging just as OPEC+ countries led by Saudi Arabia and Russia agreed to slash production in response to sagging oil prices, angering the Biden administration.
The Biden admin calls the move a ''hostile act against the US''.
Any shift in U.S. policy that brings back Western oil companies would send a psychological signal to the market that more supply is on the way, the people said.
The Biden administration is preparing to scale down sanctions on Venezuela to allow Chevron Corp. to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela
If the deal goes through and Chevron, along with U.S. oil-service companies, are allowed to work in Venezuela again, it would put only a limited amount of new oil on the world market in the short term.

Venezuela is Russia allie, Russia is going to work on Venezuela to boycott the deal

Imagine,they made Venezuela suffer for years but want to ease the sanctions now because.....?