Biden Eases Venezuela Sanctions on Oil Sector

US Reverses Trump-Era Policy

Washington, Oct 18 (Reuters) -

The Biden administration on Wednesday broadly eased sanctions on Venezuela's oil sector, reversing a Trump-era policy aimed at pressuring President Nicolas Maduro to hold free elections.

The move comes as Washington and Caracas have been holding indirect talks in Mexico City in recent months, described by US officials as "difficult talks", to discuss easing the sanctions and a possible return for US oil companies to Venezuela.

The Treasury Department's Office of Foreign Assets Control (OFAC) issued a license on Wednesday authorizing Chevron Corp and other US oil companies to resume talks with the Venezuelan government and state-run oil company PDVSA on potential future operations in Venezuela.