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Venezuela’s socialist government and US-backed opposition coalition have reached a deal to resume talks and hold presidential elections in the second half of next year, as the US considers relaxing oil sanctions on the South American country.
The two parties, which have not met at the negotiating table since November last year, stated in a joint declaration their commitment to enhancing an inclusive democracy and fostering a culture of tolerance and political coexistence.
Additionally, they announced at a signing ceremony in Barbados on Tuesday that international observers, including an EU delegation, will be permitted for the election.
This resumption of dialogue, mediated by Norway, coincides with the opposition’s upcoming primary balloting and ongoing discussions between the government of President Nicolás Maduro and the US regarding the potential easing of Venezuelan oil sanctions in exchange for ensuring a free and fair election.
Venezuela holds the world’s largest proven oil reserves and used to produce approximately 3 million barrels a day, but mismanagement and US-led sanctions have severely reduced production to less than 1 million b/d.
A representative from the US State Department affirmed on Monday that the United States, along with like-minded partners and other friends of Venezuela, will continue its efforts to rally global support for the Venezuelan-led negotiation process.
Last year, the Biden administration began lifting some restrictions on Venezuela’s oil sector following Russia’s invasion of Ukraine, which caused energy prices to soar. Chevron also obtained a license from the US Treasury in November to resume limited oil production from joint ventures with PDVSA, Venezuela’s national oil company.
In their agreement on Tuesday, Venezuela’s government and opposition confirmed that all qualified candidates will be allowed to participate in the election, raising doubts about whether María Corina Machado, the opposition frontrunner, will be eligible to run if she wins the primary. Machado was previously banned from holding office in June.
Jorge Rodríguez, the head of the government delegation, stated on Tuesday that disqualified candidates will not be permitted to participate.
Maduro, who is widely expected to run in the upcoming election, assumed the presidency in 2013 after the death of Hugo Chávez, the leader of Venezuela’s so-called Bolivarian Revolution.
Since then, the country has faced hyperinflation, frequent blackouts, food shortages, and a mass exodus of over 7 million citizens. The 2018 election that saw Maduro’s victory was denounced as fraudulent by the US, EU, and the Venezuelan opposition.
During his TV program on Monday evening, Maduro expressed that he believes these agreements will greatly benefit peace and activate the electoral guarantees outlined in the constitution for the upcoming elections.
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