Venezuela’s oil exports in March surpassed one million barrels per day for the first time in months, as US efforts to bolster the sector took hold, although democratic reforms appear far off.
Washington pressured Caracas to liberalize the industry — which contributes around half its tax intake and a fifth of GDP — drawing interest from some of the world’s biggest producers. The US has relaxed its investment and trade restrictions with Venezuela as well, boosting business sentiment there.
Still, Venezuelans who were hoping for a rapid transition to democracy after decades of authoritarian rule may have to wait longer: Some local businessmen were skeptical about pushing for elections too soon as the country regains some stability, The Economist reported.