Commodity deal: More oil for the USA - Trump and the Venezuela deal
The US took Venezuela's long-standing head of state Nicolás Maduro captive. Then Trump targeted the oil. Now there's a deal on oil fields - what will the consequences be?
The United States has secured access to vast oil reserves in Venezuela, with President Donald Trump announcing that US companies will gain majority control of over 65 billion barrels of oil, roughly a fifth of Venezuela's estimated reserves. The deal is expected to bring over $100 billion in private investment to Venezuela's oil industry and generate over $209 billion in tax revenue for the country.
In return, Venezuela expects a boost to its economy, with the government hoping for a resurgence in oil production, job creation, and economic growth. The US will receive 55% of the effective production of a new private joint venture, with agreements in place for 100 years.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
