Commodities
US Secures Control of Venezuelan Oil Reserves in 25-Year Deal
The United States and Venezuela have reached a deal that secures majority control of over 65 billion barrels of Venezuelan oil reserves through a partnership with private business.
The agreement, which will remain in force for 25 years, aims to increase oil output to 1.5 million barrels per day and preserve the country's sovereignty over its natural resources.
Venezuelan interim President Delcy Rodriguez indicated that the deal could generate about $209 billion in revenue for Venezuela based on an oil price of $65 per barrel.
The agreement gives the United States a direct stake in 17 of Venezuela's oil-and-gas fields, and the broader plan includes developing eight greenfield oil blocks.