Venezuela's interim president says US energy deal will last 25 years

Venezuela's interim President, Delcy Rodriguez, has announced a new energy agreement with the United States. According to Rodriguez, the deal will last for 25 years and aims to increase crude oil output to 1.5 million barrels per day. The agreement will also preserve Venezuela's sovereignty over its natural resources.

The deal, described by US President Donald Trump as "the biggest oil deal in world history," could give the US access to vast amounts of Venezuela's untapped oil reserves. According to a statement from Rodriguez's government, the agreement involves the development of 17 fields with a proven potential of 65 billion barrels. This could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas, as per the Qatar Tribune Business report.

The agreement allows for a new private company to be created, with a 100-year rights to develop the oil fields, according to a US official. President Trump claimed that the deal will lower gas prices in the US. Rodriguez hailed the accord as a "historic" deal that would help revive the country's economy.

Brief written by urgent.news from The Korea Times, CBS News, Daily Times, Qatar Tribune Business — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.