Commodities
US Targets 1.5M Barrels per Day from Revitalized Venezuelan Oil Industry
The US aims to increase Venezuela's oil production to 1.5 million barrels per day in the short term, according to Interior Secretary Doug Burgum.
This goal is part of a broader effort to expand investment in Venezuela's oil industry and tap into its vast reserves.
Burgum said American companies will play a central role in rapidly increasing production, describing Venezuela as a strategic energy partner for the US due to its location and untouched oil fields.
The agreement between Washington and Caracas covers 17 key oil fields and seeks to attract over $100 billion in investment, according to Venezuelan authorities.