Why is the US Relaxing Sanctions on Venezuela?

The video discusses the US decision to relax sanctions on Venezuela's oil industry, allowing Chevron to resume operations. This move is linked to the failure of Trump's maximum pressure campaign and the need to stabilize oil prices amid strained US-Saudi relations. Maduro's willingness to negotiate with the opposition is driven by his isolation and the need for new allies. Despite Venezuela's vast oil reserves, economic mismanagement has led to a severe crisis. The easing of sanctions may not immediately benefit ordinary Venezuelans, but it could pave the way for future economic stabilization.

How did the relationship between the US and Saudi Arabia affect oil production strategies?

What historical context is provided regarding Venezuela's economic status?

What are the expected short-term effects of the relaxed sanctions on Venezuela's economy?