Exemptions to US sanctions on Venezuelan oil exports are unlikely to lead to a significant increase in crude production in the country. Instead, the exemptions may divert barrels away from China, which is currently the main destination for Venezuelan oil. The Biden administration plans to ease energy-related sanctions for Venezuela's oil and gas sector in response to a deal on guarantees for the 2024 presidential election.Exemptions to US sanctions on Venezuelan oil exports are unlikely to lead to a significant increase in crude production in the country. Instead, the exemptions may divert barrels away from China, which is currently the main destination for Venezuelan oil. The Biden administration plans to ease energy-related sanctions for Venezuela's oil and gas sector in response to a deal on guarantees for the 2024 presidential election.
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