Some U.S. businessmen and bond investors reportedly are urging President-elect Donald Trump to strike a deal with Venezuela that would help reduce the number of illegal migrants in the U.S.
Oil executives are among the people suggesting Trump negotiate with President Nicolás Maduro to allow U.S. companies to restart operations in Venezuela while the South American country agrees to accept U.S. deportation flights, The Wall Street Journal reported Thursday.
The businessmen say a deal between the two countries would cut migration to the U.S. and help neutralize energy prices by increasing oil production.
Dealing with the migrant crisis that escalated under President Joe Biden was among Trump's top campaign issues. Trump has promised implementing a mass deportation of illegal migrants.
However, working with Venezuela would differ from Trump's first-term policy in which he tried to put maximum pressure on Maduro.
The Journal report came a day after CNN said the U.S. announced new individual sanctions on more than 20 officials aligned with Maduro in an attempt to put pressure on Maduro to accept the results of Venezuela's July presidential election results.
Maduro and his allies claimed victory in the elections without showing evidence.
The Biden administration last week recognized Venezuelan opposition candidate Edmundo González as the "president-elect" of the South American country. The opposition is calling for mass demonstrations on Dec. 1 and has urged the Trump administration to maintain its tough line against Maduro.
Widespread oil sanctions and general licenses granting certain companies, such Chevron, to do business in Venezuela remain in place but are "constantly being reviewed," one official told CNN.
Such licenses allowed a recent shipment of Venezuelan asphalt, sourced by Global Oil Terminals, to land at the Port of Palm Beach — the first asphalt delivery from Venezuela to the port since Trump's first administration imposed oil sanctions in early 2019, the Journal reported.
"It is indisputable that the renewed flow of high-quality, low-cost Venezuelan asphalt to the U.S. has been a benefit to the American taxpayer," Harry Sargeant IV, Global Oil Terminals president and the founder's son, told the Journal.
"It has been a blow to our strategic competitors because under sanctions, these barrels were turned into heavily discounted fuel oil that simply subsidized the Chinese economy."
Working out a deal with Maduro could help counter advancements in Venezuela made by China and Russia, which gained ground there following Trump's sanctions.
Also, the goal of restoring democracy in Venezuela would take a back seat to what some people are calling a more pragmatic approach.