The Biden administration is preparing to ease sanctions on Venezuela to allow Chevron to pump oil in the country under a potential deal with the Venezuelan government, The Wall Street Journal reported Wednesday, citing people familiar with the matter.

The Trump administration began imposing crippling economic sanctions on Venezuela in 2017. In 2019, the US recognized opposition figure Juan Guaido as the "interim president" and backed a failed coup attempt against President Nicolas Maduro.

The sanctions on Venezuela have done little to hurt the government but have had a devastating impact on the civilian population and the country's economy.

Under the potential deal, the US would give Venezuela significant sanctions relief and Maduro's government would resume talks with the opposition on the 2024 presidential election. Guaido has virtually no support left in Venezuela after his failed coup attempt and repeated calls for foreign intervention, but there are other opposition figures.