The Hindu Editorial Analysis:
We all are aware of the importance of reading The Hindu newspaper with the aspect of improving reading ability, easily comprehending paragraphs, getting updated with the current events, improving essay writing and many more. For a banking aspirant it becomes necessary to read editorials for vocabulary. In this article we are going to discuss the points of today’s editorials with practice questions and important vocabs.
Oil no bar
- The Biden administration’s efforts to ease sanctions on Venezuela and allow Chevron to return to its joint venture oil field mark the end of Washington’s maximum pressure campaign aimed at ousting President Nicolas Maduro.
- Former president Donald Trump took US sanctions to the extreme by barring oil companies from operating in the south America country, which had the world’s largest oil reserves, and recognising Juan Guaido the self declared unelected acting President.
- This policy had little impact on Venezuela’s political crises, for two reasons: first,Mr.Guaido never managed to mobilize enough political capital to shake Mr.Maduro’s regime, powered by the Bolivian grassroots movement.
- 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 of Ukraine.
- While the USA’s official narrative is that the decision to ease sanctions was part of a logical reconciliation process within Venezuela, the catalyst seems to be Ukraine and the energy crises.
- Sanctions on Russia have pumped up the prices.
- Biden’s attempts to revive 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 field in Venezuela, but the oil should be exported only to the US .
- Also the sale proceeds should be used to pay back state owned Venezuelan oil company PdVSA ‘s debt to Chevron and the license can be canceled any time.
- The window of re engagement is his opportunity.
- He should embrace it with steps to address the critical failings of Venezuela’s economy, partly because of his own politics, mend ties with the West,and join serious talks with the opposition.
- Why does Venezuela’s oil company’s license could be canceled any time?
- Who took US sanctions to the extreme by barring oil companies from operating in the south America country?
- What x-factor has pumped up the oil prices?
- Sanction- an official order that limits business, contact, etc. with a particular country, in order to make it do something, such as obeying international law.
- Mend- to repair something.
- Catalyst- thing that causes change.
- Regime- system of government, especially one that has not been elected in a fair way.
- Ousting- to force somebody out of a job or position of power.