US Secures Majority Control Over Venezuelan Oil Reserves Under New 25-Year Deal

Venezuela and the US have finalized an oil deal that gives the US majority control over major Venezuelan oil reserves, according to interim President Delcy Rodríguez.

The agreement will run for 25 years and covers the development of 17 strategic oilfields in Venezuela. These fields are expected to produce more than 1.5 million barrels of oil per day, which would generate an estimated $209 billion a year for Venezuela based on a benchmark price of $65 per barrel.

Venezuela will provide the oil and its existing industry and workers, while the US will provide the money and technology. Rodríguez emphasized that the deal does not mean Venezuela is giving up ownership of its oil reserves, but rather using foreign capital and expertise to rebuild its damaged oil industry.

The agreement has been met with criticism from some Democrats in the US, who argue that it puts American service members at risk for private profit. However, Rodríguez and President Trump have stated that the deal will benefit both countries and help revive Venezuela's economy.