"US eases Venezuela oil sanctions, prompting potential diversion of barrels from China"

The Biden administration has eased sanctions on Venezuela's oil and gas sector in response to a 2024 election deal between the Venezuelan government and the opposition. The US Department of the Treasury has issued general licenses authorizing transactions involving Venezuela's oil and gas sector, gold sector, and removing the ban on secondary trading. However, the Treasury is prepared to amend or revoke the authorizations if President Nicolas Maduro fails to follow through on commitments made in the deal. The move marks a significant shift in the Biden administration's approach towards Venezuela, moving away from Trump's "maximum pressure" campaign.