US broadly eases Venezuela oil sanctions after election deal

The Biden administration has eased sanctions on Venezuela's oil sector in response to a deal reached between the government and opposition parties for the 2024 election. The new general license allows Venezuela to produce and export oil without limitations for six months. However, the US has given President Nicolas Maduro until the end of November to lift bans on opposition presidential candidates and release political prisoners. The US moves signal a shift in engagement with Maduro's government compared to former President Trump's approach. The sanctions relief could attract investment in Venezuela's troubled oil sector.