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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 — said in a joint statement that they were “committed to strengthening an inclusive democracy and a culture of tolerance and political coexistence”.
They also agreed to allow international observers for the election, including an EU delegation, they announced at a signing ceremony in Barbados on Tuesday.
The resumption of talks, mediated by Norway, comes ahead of the opposition’s primary balloting on Sunday and amid wider discussions between the government of strongman president Nicolás Maduro and the US on the possibility of easing sanctions on Venezuelan oil in exchange for guarantees of a free and fair election.
Venezuela boasts the largest proven oil reserves on the planet and in its heyday pumped about 3mn barrels a day, though years of mismanagement and US-led sanctions have left production well below 1mn b/d.
“Along with like-minded partners and other friends of Venezuela, the United States will continue its efforts to unite the international community in support of the Venezuelan-led negotiation process,” a US state department representative said on Monday, ahead of the opposition deal.
The Biden administration began lifting some restrictions on the country’s oil sector last year in the wake of Russia’s full-scale invasion of Ukraine, which caused energy prices to skyrocket. In November, Chevron received a licence from the US Treasury to resume limited oil production from joint ventures with PDVSA, Venezuela’s national oil company.
Venezuela’s government and opposition also agreed on Tuesday that all qualified candidates may participate in the election, raising questions about whether María Corina Machado, the opposition frontrunner, will be allowed to run if she wins on Sunday. She was banned in June from holding office.
Jorge Rodríguez, the head of the government delegation, said on Tuesday that disqualified candidates would not be allowed to participate.
Maduro, who is widely expected to run next year, assumed the presidency in 2013 following the death of Hugo Chávez, the father of Venezuela’s so-called Bolivarian Revolution.
Since then, the country has experienced hyperinflation, rolling blackouts, food shortages and the exodus of more than 7mn citizens. Maduro’s victory in the 2018 election was viewed by the US, EU and the Venezuelan opposition as fraudulent.
“I can say that these agreements will be very beneficial for peace,” Maduro said on his TV programme on Monday evening. “They will be very beneficial for the upcoming elections because we will simply activate and reactivate the electoral guarantees provided by our constitution.”
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