Venezuela Oil Industry See Setback If Sanctions Return (Correct)

Venezuelan President Nicolás Maduro is betting the US won’t revive all its sanctions as he backslides on a promise of free elections. Inside the nation’s oil industry, local operators are worried he’s wrong.

Oil and gas firms and contractors fear their nascent deals for everything from imports of new construction equipment to their connections with US banks will break off if Maduro’s ban of opposition candidates in this year’s election prompts the US to allow a six-month suspension on sanctions to expire in April.

“This is a major setback for small firms, which live on a day-to-day basis for their ...