US Set will renew Venezuela oil sanction in April if candidate barred

<p>The US made a deal last year to drop sanctions through mid-April if free elections were held. At the time, Venezuela said it had hoped to boost production to 1 mbpd from 786k bpd.</p><p>Chevron was also drilling to boost production in the country.</p><p>That deal <a href="https://www.bloomberg.com/news/articles/2024-01-29/us-set-to-renew-venezuela-oil-sanctions-after-candidate-barred?srnd=undefined&amp;sref=EROITBzT&amp;embedded-checkout=true" target="_blank" rel="nofollow">looks to be dead </a>after opposition candidate María Corina Machado is barred from running. There were signs this was coming so I don't think it's a shock but it's one source of upside risk to oil supply that's curbed.</p><p>WTI crude is down $1.05 to $76.95 today as the Red Sea opening pop to $79.29 was faded.</p>

This article was written by Adam Button at www.forexlive.com.