The U.S. is trying to mend ties with Venezuela. One big reason? Oil

Under former President Donald Trump, the United States pushed hard for regime change in Venezuela. In response to a crackdown on democracy by Venezuela's authoritarian leader Nicolás Maduro, Washington in 2019 placed sanctions on the country's vital oil sector. Along with more than 50 countries, the U.S. recognized opposition leader Juan Guaidó as Venezuela's rightful president. And it encouraged the Venezuelan military to topple Maduro.

But none of this has worked. The military continues to back Maduro, who has kept Venezuela's economy (barely) afloat by selling oil to China and other allies. Support for Guaidó, who wields no real power, is waning with more countries reengaging with Maduro. Now, Russia's invasion of Ukraine and the ban on Russian oil imports is prompting the U.S. to seek new sources of energy.

For all these reasons, the Biden administration is extending a tentative olive branch to Venezuela.