Venezuelan President Nicolás Maduro's government faces a deadline this week — to commit to holding free and fair elections or face renewed U.S. oil sanctions.

After the U.S. lifted its sanctions, Venezuela is trying to revive its beleaguered oil industry. But ramping up production is causing more oil spills.

The Biden administration has extended an olive branch to Venezuela. It might sway Caracas to resume talks with the opposition for elections, and eventually let Venezuelan oil back on the world market.