Things seemed to be looking up for Venezuela in 2022. Following years of authoritarian rule and withering economic sanctions, President Nicolás Maduro had agreed to work toward a democratic presidential election. The White House, in return, granted him a financial lifeline: a permit for U.S. energy giant Chevron to pump and export Venezuelan oil.
Oil wells roared back to life and massive tanker ships returned to Venezuela’s coast to be filled with heavy, hard-to-refine crude destined for the U.S.
