Commodities
US Deal Sparks Temporary Venezuela Oil Bump Amid Decades-Long Recovery
Rystad Energy has forecast that Venezuelan oil production will require decades to return to its peak levels, even after a recent deal with the US boosts near-term output.
The announcement comes as President Donald Trump announced on Friday that the US government is partnering with private companies to gain access to 65 billion barrels of Venezuelan oil reserves.
The arrangement will see the US control 55% of the joint venture's production and receive the oil at cost, which will be used to refill the Strategic Petroleum Reserve.