The US government is reimposing oil sanctions on Venezuela, citing President Nicolás Maduro's failure to fulfill his commitment to hold a free and fair presidential election this year. Despite granting sanctions relief six months ago, the Biden administration recognizes that Maduro has not made genuine efforts to run a competitive election. To avoid increasing oil prices, particularly during an election year, Washington will permit Chevron to maintain its joint venture with Venezuela's national oil company PDVSA, which has been steadily increasing output.