The Biden administration is considering easing sanctions on Venezuela's oil industry in exchange for the country holding democratic elections in 2024. This move could allow the Venezuelan state-owned oil company, Petroleos de Venezuela SA, to resume business with American companies. The United States supports the resumption of negotiations between the Venezuelan government and the opposition, which could lead to freer elections. The Trump administration had previously imposed sanctions on Venezuela's oil industry in 2019, causing a decrease in crude oil imports from the country. The Biden administration's potential easing of sanctions is seen as a shift in policy. However, President Biden has also taken actions to reduce US oil and gas production in line with his climate agenda.