The U.S.-Venezuela Chamber of Commerce announced a notable rise in trade, partly due to Chevron resuming its operations in Venezuela.
During the year’s first half, Venezuelan oil sales to the U.S. hit $1.209 billion. Total exports, including other goods, reached $1.396 billion.
This marks a 555.7% rise compared to the first half of 2022. Non-oil sales, however, dropped by 11.64%.
Last November, the U.S. Treasury granted Chevron a special license. This move allowed the company to restart its Venezuelan activities.
The U.S. keeps restrictive measures on Venezuela. Despite this, the Venezuelan government sees progress. Over 900 U.S. sanctions exist against the nation.
These sanctions have severely affected Venezuela’s economy. Yet, a gradual rebound is happening. The government is keen to sustain this improvement.
Background
The surge in trade between the two nations is remarkable, given the strained relations. Venezuela has been under various U.S. sanctions for years.
These sanctions aimed to pressure political change in the country. But the special license to Chevron suggests a nuanced approach.
Historically, Venezuela has been a critical oil supplier for the U.S. Yet, in recent years, this relationship has dwindled due to sanctions and political unrest.
Now, it seems both nations are finding ways to reconnect economically.
Chevron’s presence in Venezuela isn’t new. The company has been operating there for decades.
However, recent U.S. policies have paused its activities. The resumed operations are a signal; they show the U.S. may be reconsidering its approach.
It’s worth noting that the increase in trade doesn’t mean a complete reset in relations. Several issues remain unresolved between the U.S. and Venezuela.
This includes matters of human rights and governance.
Despite sanctions, Venezuela’s economy is showing signs of recovery. This is a crucial development for a nation that has faced economic hardship.
The government attributes this to both internal measures and changing international ties.