Rumors that the U.S. would lift sanctions against Venezuela in order to halt the oil price rally have been circulating since Biden sent a delegation to Caracas in March. The U.S. has now officially begun easing sanctions on Venezuela, a move that is driven by a desire to reduce gasoline prices rather than any geopolitical motive. Venezuela has expressed its desire that all sanctions be lifted and continues to work closely with Iran to rebuild its oil industry – despite Iran also being under sanctions. When Biden sent a delegation to Caracas in early March, rumors began to circulate that the U.S. was considering reopening relations with Venezuela as oil prices soared. Now, after a period of silence from Washington on the subject, it appears that the U.S. is going to ease its sanctions on the Latin American oil giant. At the same time that the U.S. is lifting […]