Washington will allow US companies to do business with Venezuela’s state-owned oil company, a move aimed at boosting production in the country as prices soar due to the war in Iran.
Oil output in Venezuela — which has the world’s biggest stated crude reserves — has jumped since the US ousted former leader Nicolás Maduro and replaced him with a Washington-friendly figure.
The economic gains have not translated into better living conditions for most Venezuelans: Annual inflation accelerated to 600% last month and the bolivar continued to depreciate. Still, Washington’s custodianship has loosened the grip of hardliners. On Wednesday, interim President Delcy Rodríguez ousted the country’s feared defense minister, accused of overseeing mass repression.