President Nicolas Maduro looks on during a press conference after testifying before the electoral chamber at main headquarters of the Supreme Court of Justice on Aug. 2, 2024, at the Miraflores presidential palace in Caracas, Venezuela.

President Nicolás Maduro of Venezuela aimed for a democratic election amid US economic sanctions, offering Chevron a permit to export Venezuelan oil. Despite an unfair election and criticism, oil revenues have bolstered Venezuela's economy.

In 2022, the White House granted Venezuela a financial lifeline “to support the restoration of democracy” after President Nicolás Maduro promised to work toward an open presidential election, granting U.

The United States and Venezuela navigate a complex relationship involving sanctions, oil licenses, and disputed elections. Controversies persist over diplomatic interactions during and after the presidencies of Trump and Biden.

Maduro took office last week for a third consecutive term. Now, he’s consolidating his position as dictator Nicolás Maduro has now been in power in Venezuela since 2013 – gradually usurping power over the past twelve years until becoming a full dictator.

U.S. President Donald Trump - who during his first term used a "maximum pressure" sanctions policy against President Nicolas Maduro - referred to Maduro as a dictator during the 2024 U.S. campaign. The administration of former U.

However, their simplistic argument does not withstand scrutiny. Evidence shows that U.S. sanctions significantly contributed to Venezuela’s economic implosion, while the easing of sanctions in recent years has been associated with a moderate economic recovery that has helped alleviate the worst of the country’s economic crisis.

Venezuela has the largest proven oil reserves on Earth, but its energy prowess is as much about quality as quantity. Refineries on the US Gulf Coast process Venezuelan crude by the hundreds of thousands of barrels per day. Volumes hit a six-year high in December, according to Kpler, reaching approximately 300 kbd – a 150 kbd year-on-year increase.

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