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

Venezuelan interim leader Delcy Rodriguez announced on Saturday that a new energy pact with the United States would extend for 25 years. The agreement aims to revive the Venezuelan economy and increase government income. Rodriguez highlighted that the deal anticipates boosting crude output to 1.5 million barrels daily and preserving the nation's control over its natural resources.

She characterized the pact as "historic," emphasizing its potential to propel Venezuela's economic trajectory. According to the accord, the US will take partial ownership of over 65 billion barrels of Venezuela's proven oil reserves. Rodriguez noted that the immediate profit from each barrel sold under the arrangement would go to Venezuela, amounting to roughly $19 per barrel.

The government expects this arrangement to generate approximately $209 billion in revenue for the state. Despite the US firming up control over Venezuela's vast oil reserves, Rodriguez stressed that Venezuela maintains sovereignty over its natural resources while partnering with American companies to revitalize an industry crippled by sanctions and mismanagement.