US and Venezuela Ink 25-Year Energy Deal

Venezuela's interim president, Delcy Rodriguez, announced that an energy deal between her country and the US will remain in force for 25 years. The agreement aims to increase crude oil production to 1.5 million barrels per day (bpd) from current levels of around 1.25 million bpd.

Rodriguez hailed the accord as a 'historic' deal that would help revive Venezuela's economy and boost government revenue. She said the country's sovereignty over its natural resources will be preserved, while US companies will provide capital, technology, and operational expertise to support the recovery of Venezuela's energy sector.

The agreement could generate approximately $209 billion in revenue for the Venezuelan state, based on a benchmark oil price of $65 per barrel. Of this amount, roughly $19 from each barrel produced and sold under the arrangement will flow directly to Venezuela.