US and Venezuela seal 25-year oil deal

The US and Venezuela have agreed to a 25-year oil deal. US President Donald Trump described it as "the biggest oil deal in world history", involving 65 billion barrels of Venezuelan oil. The agreement aims to allow Venezuela to develop its oil industry while preserving ownership and control of its resources, according to Venezuela's interim President Delcy Rodriguez.

The deal is expected to increase crude production to more than 1.5 million barrels per day and bring $19 in profit per barrel of oil produced to Venezuela. Rodriguez hailed the accord as a "historic" deal that would help revive the economy and boost government revenue. The US will have majority control of the oil reserves, but Rodriguez assured the public that Venezuela retains ownership and sovereignty over its resources.

The agreement has been met with criticism from some Venezuelans, including supporters of the government, who have expressed concerns about a lack of transparency and the potential loss of sovereignty. Some analysts have also questioned whether the deal will address long-running obstacles that have deterred investment in Venezuela's oil industry.

According to KBC, Trump said the agreement would more than double American oil reserves and "substantially lower Gas Prices for all Americans". The New Straits Times reported that the deal involves $100 billion in private investment aimed at revitalising the industry.

Brief written by urgent.news from France 24, Daily Times, South China Morning Post, KBC, New Straits Times — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.