United States is easing sanctions on Venezuela after the South American country’s government and opposition agreed to have next year’s election monitored by international observers.

A easing of sanctions will be implemented on Venezuela’s oil, gas, and gold sectors.

Venezuela is scheduled to hold its next election in the second half of next year.

The other sanctions imposed over the suppression of protests and erosion of democracy remain in place.

A collapse of the electoral pact could reverse the relaxation, Washington has warned.

For the next six months, Venezuela, which has been under heavy sanctions since 2019, can produce and export oil to its chosen markets under a new general license issued by the US Treasury Department.

As far as the gold sector is concerned, there is no time limit.

In a statement, US Secretary of State Antony Blinken said Venezuela must “define a specific timeline and process for the expedited reinstatement of all candidates” by the end of November.

The president said that all Americans who wish to run for president should have the chance to do so, and he also called for the release of all wrongfully detained US nationals and Venezuelan political prisoners.

Earlier this week, a deal was signed between the Venezuelan government and the opposition in Barbados.

It contains 12 points, including promises to allow all candidates free and safe movement throughout the country, and to provide them with access to public and private media.

In addition, the two sides have agreed to update voter registries, both inside and outside the country, so that millions of Venezuelans who have emigrated can exercise their right to vote.

However, the two opposition parties and the government disagree on whether Mar•a Corina Machado can be excluded from the agreement.