US and Venezuela set to agree deal on sanctions relief and open elections

Reports say announcement likely on Tuesday that would allow banned Maduro opponents to run and oil sanctions to be lifted

The governments of the US and Venezuela are reportedly poised to announce a deal that could pave the way for sanctions relief on the economically wrecked South American country and for banned opponents of president Nicolas Maduro to compete in next year's election.

Anonymous sources quoted by two US media outlets said a scaling back of sanctions on Venezuela's oil industry would be announced on Tuesday after Maduro officials restarted talks with opposition negotiators in Barbados.