Biden says he’s considering alternatives to oil suply after OPEC+ move | Forexlive

The WSJ reported late yesterday that the US is considering lifting sanctions that would allow Chevron to resume pumping oil in Venezuela.

“The country is now exporting about 450,000 barrels a day and could double that figure in a matter of months, say people who are familiar with Venezuela’s oil industry and are bullish about its prospects,” the report says.

The US is now denying that sanctions will be lifted but I wouldn’t put much stock in that. In any case, those numbers sound aggressive (more like two years, not two months) but there could certainly be much more oil over a longer timeframe.

The US has engaged Iran and appears to have given up on that front, now it’s shifting to Venezuela. Maybe one day the Biden administration will turn to Canada and un-cancel the pipeline it halted on Day 1 of the administration.