• The Biden administration proposed a deal that will ease sanctions on Venezuela, allowing Chevron to pump oil in the country after the consortium agreed to its largest production cut since the COVID-19 pandemic, The Wall Street Journal reported Wednesday.
• The U.S. will unfreeze hundreds of millions of dollars of Venezuelan state funds held up in American banks and in exchange, the country will allow Chevron to produce oil on its lands, according to the WSJ, which cited sources familiar with the deal.
• The proposal comes after OPEC agreed earlier on Wednesday to cut oil production by two million barrels a day, a decision the White House called “shortsighted,” according to a statement.

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