Global oil supply pressures moderating US administration’s stance on Venezuela’s Maduro

There are signs, or at least so it seems, that the administration of United States president, Joe Biden, may be in the process of removing or perhaps easing some of the political and economic pressures which its predecessor had been applying on the administration of Venezuela’s President Nicolas Maduro and which have, over time, wreaked havoc on the economy of a country that had once basked in the reputation afforded it as the owner of the largest known deposits of oil anywhere in the world.
 By far the most widely publicised aspect of the political and economic pressures unleashed on the Maduro administration by US under the presidency of Donald Trump has been the imposition of a firewall of sanctions that effectively strangled Venezuela’s oil exports by applying pressure to countries and shipping companies that dared to handle Venezuelan crude.

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