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The Biden administration is preparing to scale down sanctions on Venezuela in an attempt to secure energy supplies, amidst an ongoing dispute with other oil-producing nations, according to a report in the Wall Street Journal.

The proposal will reportedly enable American corporation Chevron to resume pumping oil in the country which has long been the subject of US sanctions.

To take a look at what the impact of sanctions has been on the people of Venezuela and to discuss what this might mean for relations between the two countries moving forward, Caracas-based journalist and editor of news website Venezuelanalysis.com, Ricardo Vaz, spoke to Newsday.

He says: "If we talk about Chevron's license which is the issue at stake, it expires in November, so there's not that much time to get anything concrete rolling, so it's either a question of whether the US is trying to test the reaction from these hardline sectors before moving forward, or if it's trying to apply pressure on the Venezuelan government during some talks with the opposition. It doesn't seem that it's imminent, but of course things can change very quickly."

(Photo: US President Biden. Credit: Getty Images)

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