Venezuela's government and an opposition coalition signed two agreements today toward expanding election rights, a condition that the US has set for further easing oil sanctions on the South American country.
The agreement would promise the "carrying out [of] primary elections in peace" and allow international observers in presidential elections due next year, the Unitary Platform opposition coalition said. The deals would guarantee non-intervention and respect of Venezuelan sovereignty by outside parties, Venezuelan state television said, describing the agreements as "partial."
The opposition primaries are scheduled for 22 October. Maria Corina Machado is seen as the frontrunner, after three key candidates resigned from the race. One of them, Freddy Superlano, asking his supporters to back Machado.
On Monday night, Venezuelan president Nicolas Maduro criticized reports that the agreements meant he would lift electoral bans on main opposition candidates including Machado in exchange for the easing of US sanctions as "back-stabbing" and "soiling the dialogue."
Even if US sanctions are eased, Venezuela's additional production would add only a marginal amount to global supply now as logistical constraints and long-neglected infrastructure do not allow for a quick ramp-up.
The opposition delegation arrived in Barbados on Monday, headed by Gerardo Blyde as in past talks, and followed by the Venezuelan delegation today.
The White House in November eased sanctions on Venezuela to allow Chevron to increase oil production in its joint ventures there with state-owned PdV. It has exported about 165,000 b/d since then to the US.
The prospect of higher imports from Venezuela drew immediate condemnation from Republicans in US Congress. Senators Kevin Cramer (R-North Dakota), Marco Rubio (R-Florida) and six other Republicans today circulated legislation that would ban US oil imports from Venezuela and Iran.
Chevron would like to start a new drilling campaign there next year, but would likely need a new or modified license from the US Treasury Department's sanctions enforcement arm to bring in equipment needed for that, a company source has said.
Venezuela's largest foreign asset, US refiner Citgo, will be auctioned next year to pay for billions of dollars in debt claims advanced against Caracas and state-owned PdV.
