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Commodities

US-Venezuela Energy Deal Locked for 25 Years Amid Bolstered Economic Growth

Guavy AI Editorial Team
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Oil
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Venezuela's interim President Delcy Rodriguez has announced that an energy agreement with the US will remain in force for 25 years, aiming to increase crude output to 1.5 million barrels per day.

The deal, hailed as 'historic' by Rodriguez, targets the development of 17 strategic oilfields and includes the expansion of eight greenfield oil blocks.

Rodriguez said the agreement could generate $209 billion in revenue for the Venezuelan state based on a benchmark oil price of $65 per barrel, with roughly $19 from each barrel produced and sold flowing directly to Venezuela.

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