The deal is hoped to resolve a political crisis that has gripped the country since a contested 2018 presidential election.

Nicolas Maduro (R) declared himself the victor of the 2018 election, which was widely seen as fraudulent.
Nicolas Maduro (R) declared himself the victor of the 2018 election, which was widely seen as fraudulent. (AP Archive)

Representatives of Venezuelan President Nicolas Maduro's government have voiced hopes of signing an agreement with the opposition during talks in Mexico to unblock funds to ease the country's economic woes.

The two sides are due to resume talks on Saturday after a year-long break, seeking to resolve a political crisis that has gripped the nation since a contested 2018 election.

Mediated by Norway, the negotiations will resume after months of informal meetings and could ease US oil sanctions on Venezuela while boosting oil major Chevron's activity in the country's energy sector.

Government negotiator Jorge Rodriguez told reporters after arriving in Mexico City that one of his objectives was to ink a "broad social agreement" with the opposition.

The government side said earlier that the pact was expected to establish a mechanism to restore access to funds frozen in the international financial system.

The money would be used to improve public healthcare and the electricity network, according to a statement released by Rodriguez, who did not specify the amount or where the funds were blocked.

READ MORE: Colombia says Venezuela's Maduro to resume talks with opposition

Effects of war in Ukraine

The two sides held several rounds of negotiations mediated by Norway in Mexico last year, and international efforts have mounted in recent months to get the talks back on track.

The opposition is seeking free and fair presidential elections, next due in 2024, while Caracas wants the international community to recognise Maduro as the rightful president and lift sanctions.

International efforts to resolve the Venezuelan crisis have gained strength since Russia's assault on Ukraine and the pressure it has placed on global energy supplies.

US President Joe Biden's administration announced in May it would ease some sanctions as energy prices surged due to the war.

Maduro declared himself the victor of the 2018 election, which was widely seen as fraudulent, prompting massive protests.

Almost 60 countries, including the United States, recognised opposition leader Juan Guaido as acting president.

Guaido's influence has since ebbed, and he has lost key allies both at home and in the region, where many countries have since elected leftist presidents.

READ MORE: Colombia, ELN rebels seek US involvement in peace talks

Source: AFP