Hindi English Translation || Editorial || Oil no bar: On Venezuela political crisis

Oil no bar: On Venezuela political crisis

Venezuela’s Nicolás Maduro should mend (मरम्मत करना) ties with the West and join talks with the opposition

The Biden administration’s decision to ease sanctions (प्रतिबंध) on Venezuela and allow Chevron to return to its joint venture oil fields marks the end of Washington’s maximum pressure campaign aimed at ousting (बाहर निकालना) President Nicolás Maduro. Former President Donald Trump took U.S. sanctions to the extreme by barring oil companies from operating in the South American country, which has the world’s largest oil reserves, and recognising Juan Guaidó, the self-declared unelected acting President. This policy had little impact on Venezuela’s political crisis (संकट), for two reasons: first, Mr. Guaidó never managed to mobilise enough political capital to shake Mr. Maduro’s regime (प्रशासन, शासन), powered by the Bolivarian grassroots movement; and then, the regime found a way to work around the sanctions by selling its heavy crude at a discounted price to China and other countries. The Biden administration followed the Trump line in its initial months, but started holding talks with Venezuela in March, a few weeks after the Russian invasion (आक्रमण, हमला) of Ukraine. While the U.S.’s official narrative (कथात्मक) is that the decision to ease sanctions was part of a larger political reconciliation (सुलह) process within Venezuela, the catalyst (उत्प्रेरक) seems to be Ukraine and the energy crisis. Sanctions on Russia have pumped up prices. Mr. Biden’s attempts to revive (पुनर्जीवित) the Iran nuclear deal have not succeeded so far. The move by Saudi Arabia and its allies to slash oil production has also mounted additional pressure on prices. The only option now to get more oil into the market is to allow Venezuela to do so.

To be sure, the easing of sanctions comes with riders. Chevron can produce oil from its fields in Venezuela, but the oil should be exported only to the U.S. Also, the sale proceeds should be used to pay back state-owned Venezuelan oil company PdVSA’s debt to Chevron (some $4.2 billion), and the licence can be cancelled any time. Even so, Mr. Maduro can claim victory in the U.S.’s clear U-turn. He has offered to begin talks with the opposition, but has not made any major concession (रियायत) beyond that. The U.S. move could also prompt (प्रेरित करना) European countries to revisit their policy towards Caracas. The return of foreign companies would allow Venezuela to ramp up (बढ़ाना) its oil production. Mr. Maduro seems to have survived western attempts to isolate (अलग कर देना) him, but his bigger challenge is to ride out the storm at home. The window of reengagement is his opportunity. He should embrace (आलिंगन करना) it with steps to address the critical failings of Venezuela’s economy, partly because of his own policies, mend ties with the West, and join serious talks with the opposition.

Courtesy: The Hindu

Important Word List With Meaning

1.Crisis (Noun)

Hindi Meaning - संकट
English Meaning - A situation that has reached a critical phase.

2.Mend (Verb)

Hindi Meaning - मरम्मत करना
English Meaning - Repair something that is broken or damaged

3.Sanction (Noun)

Hindi Meaning - प्रतिबंध
English Meaning - Official permission or approval for an action.

4.Oust (Verb)

Hindi Meaning - बाहर निकालना
English Meaning - Drive out or expel (someone) from a position or place.

5.Regime (Noun)

Hindi Meaning - प्रशासन, शासन
English Meaning - A system of government.

6.Invasion (Noun)

Hindi Meaning - आक्रमण, हमला
English Meaning - An instance of the entrance to take possession.

7.Narrative (Adjective)

Hindi Meaning - कथात्मक
English Meaning - In the form of a story; chronological

8.Reconciliation (Noun)

Hindi Meaning - सुलह
English Meaning - An agreement.

9.Catalyst (Noun)

Hindi Meaning - उत्प्रेरक
English Meaning - A person or thing that precipitates an event.

10.Revive (Verb)

Hindi Meaning - पुनर्जीवित
English Meaning - Bring back to life

11.Concession (Noun)

Hindi Meaning - रियायत
English Meaning - A thing that is granted, especially in response to demands.

12.Prompt (None)

Hindi Meaning - प्रेरित करना
English Meaning - An act of encouraging a hesitating speaker

13.Ramp up (Noun)

Hindi Meaning - बढ़ाना
English Meaning - Build up, Increase

14.Isolate (Verb)

Hindi Meaning - अलग कर देना
English Meaning - To set apart.

15.Embrace (Verb)

Hindi Meaning - आलिंगन करना
English Meaning - Hold (someone) closely in one's arms