Trump hails ‘historic’ deal for US to control 65bn barrels of Venezuela’s oil
The US has struck a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, Donald Trump said. The US president wrote that the agreement would more than double American oil reserves and “substantially lower Gas Prices for all Americans”. In a late-night address on Saturday, Venezuela’s interim President Delcy […] The post Trump hails ‘historic’ deal for US to…
The United States has reached a deal with Venezuela to control over 65 billion barrels of its proven oil reserves, according to U.S. President Donald Trump. In a late-night address, Trump stated that the agreement would significantly increase American oil reserves and help lower gas prices for all Americans. Interim Venezuelan President Delcy Rodríguez described the deal as "historic" and a way to revive her country's economy.
However, some analysts have expressed skepticism, questioning whether it will address long-standing obstacles that have deterred investment in Venezuela's oil industry. The agreement grants the U.S. 55% control of a joint venture with a private operator in Venezuela, with a 100-year concession to operate in the oil fields. The U.S. government will retain 55% control of the joint venture.
The deal's text has not been made public, and its constitutionality in Venezuela is unclear. Some experts believe that the deal could lead to increased investment in Venezuela's oil fields, potentially boosting job growth and imports, but further details are needed to assess its impact.
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