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