Venezuela's government and political opposition have reached an agreement on electoral guarantees for the 2024 presidential elections
This agreement has the potential to lead to the easing of U.S. sanctions on Venezuela, particularly related to the oil sector
The 2024 presidential elections are scheduled for the second half of the next year
International observers, including those from the European Union and the United Nations, will oversee the electoral process
Talks between the two sides, brokered by Norway, resumed after an 11-month hiatus
The agreement allows each side to choose its 2024 candidate according to its internal rules
However, the deal did not lift bans on certain opposition candidates, leading to concerns about the fairness of the election
The U.S. administration had previously stated it would consider lifting punitive measures in exchange for democratic concessions from President Nicolas Maduro
The U.S., EU, Britain, and Canada welcomed the political agreement as a step toward restoring democracy in Venezuela
but called for the release of political prisoners, electoral independence, freedom of expression, and respect for human rights
Oil sanctions have been a significant economic pressure point for Venezuela, and any relief in these sanctions would have a significant impact on the country's economy