Why are Chevron and Shell pursuing deals in Venezuela now, given past sanctions?

The pursuit of these deals suggests a potential shift in the geopolitical landscape and a possible easing of the strict U.S. sanctions regime, or at least a pathway for specific companies to operate under certain conditions. Companies like Chevron have maintained a limited presence, and the current environment might present an opportunity to reactivate dormant assets or expand existing operations.

What kind of impact could increased Venezuelan oil production have on global markets?

While Venezuela's production capacity has significantly declined, any increase, even gradual, could contribute to global supply, especially if it's high-quality heavy crude. This could help stabilize prices, diversify supply sources, and alleviate some pressure on the market, particularly given ongoing geopolitical uncertainties elsewhere.

Are these deals a sign that U.S. sanctions on Venezuela are being lifted?

Not necessarily a full lifting, but rather a potential indication of a more nuanced approach or specific waivers being granted. The U.S. administration might be exploring ways to increase global oil supply while maintaining pressure on the Maduro regime, or it could be a strategic move to encourage dialogue and stability within Venezuela.