Rodriguez Announces 'Historic' Oil Deal with US in Venezuela

Jose Toro Hardy, an economist and former member of Petróleos de Venezuela's board of directors, reacted to Venezuelan interim president Delcy Rodriguez's announcement of a historic deal with the U.S. The agreement grants the Pentagon's Office of Strategic Capital and billionaire Alejandro Betancourt a 25-year stake in PDVSA's oil production.

The deal would increase output to 1.5 million barrels per day at 17 oilfields, but Toro Hardy pointed out that Venezuela's oil production should be more than 6 million barrels per day. He expressed skepticism about the benefits of the agreement, saying 'it might be a good deal for Venezuela if the investments actually come.'

Toro Hardy served on PDVSA's board from 1996 to 1999, when Hugo Chavez forced private and foreign investment out of the oil sector. Some Venezuelans have expressed mistrust of Rodriguez's administration and questioned the timing of the announcement.