Trump Venezuela oil deal: US control, $209 billion revenue and 1.5 million barrels per day explained
Trump’s Venezuela oil deal gives the US majority control of major reserves, while Venezuela targets 1.5 million barrels a day and $209b in annual revenue.
Venezuela has entered into a new oil deal with the US, handing over control of 17 strategic oilfields to American control. The agreement covers a 25-year period and aims to increase production to over 1.5 million barrels of oil per day. The deal is expected to generate an estimated $209 billion annually for Venezuela, with the US providing the funding and technology.
Venezuela's interim president, Delcy Rodríguez, stated that while the US will control the oil production, Venezuela will retain ownership of its natural resources. The deal covers approximately 21% of Venezuela's total proven oil reserves, which amount to about 303 billion barrels. The US sees this deal as a strategic move to increase global oil supplies as energy prices rise and tensions with Iran increase.
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