Now that President Joe Biden has banned purchases of Russian crude oil, natural gas, and coal, he’s looking for alternative sources. One of them is in Venezuela. Biden Administration officials met with their Venezuelan counterparts in Caracas last weekend to talk about lifting sanctions on that country’s oil industry which have been in place since 2019. Marco Werman talks about the practical and political implications for such a deal with Francisco Monaldi, the director of the Latin America Energy Program at the Center for Energy Studies at Rice University’s Baker Institute for Public Policy.
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