US and Venezuela Ink Historic Oil and Gold Deals Amid Global Price Volatility

A significant agreement between the United States and Venezuela has been announced in Houston, covering oil and gold development. According to officials, this deal is part of a series of major agreements made in recent months aimed at increasing oil production and modernizing Venezuela's power grid.

The U.S. Secretary of Energy hailed the agreement as 'a historic announcement' in relations between the two countries. The deal involves Continental Resources signing a memorandum of understanding with PDVSA, Venezuela's state-owned oil company, to develop fields located in the Orinoco oil belt. This area is estimated to hold 30 billion barrels, representing nearly 10% of Venezuela's vast oil reserves.

The agreement also includes plans for American companies to take control of fields with production potential estimated at 65 billion barrels. U.S. officials have signaled their intention to revive the development of Venezuela's energy and mining resources amid disruptions linked to the war in the Middle East and rising oil prices.