Venezuelan Opposition Machado Campaigning on Behalf of Gonzalez

Venezuelan opposition primary winner Maria Corina Machado, banned from holding office, is campaigning on behalf of her replacement Edmundo Gonzalez.

• A ban on her running as the main candidate was a key reason the U.S. reversed eased energy sanctions on April 18.
• The campaign is the first time in a decade the opposition - which boycotted the 2018 election - has participated in a presidential contest.
• Maduro’s agreement to hold the election was part of the early momentum to ease energy sanctions but his regime failed to hold up progress towards other commitments, such as who could run against him.
• It is unclear whether a Gonzalez victory would be recognized by the Maduro government if he were to receive enough votes.
• Industry analysts said that the initial general license was helpful in returning industry interest to Venezuela, according to Rapidan Energy.
• "Production will be little affected by the sanctions change with Chevron not being impacted and individual licenses being maintained," said Nick Blanco, an analyst with Platts.
• Venezuelan crude production could hit 950k b/d by year-end, relying mostly on existing specific licenses, Rapidan added.