US-Venezuela Energy Deal Seals 25-Year Future for OPEC's Biggest Oil Reserves

Venezuela's interim President Delcy Rodriguez announced that an energy agreement with the US will remain in force for 25 years, aiming to increase crude oil production to 1.5 million barrels per day (bpd) and preserve Venezuela's sovereignty over its natural resources.

Rodriguez hailed the accord as a 'historic' deal that would help revive the economy and boost government revenue, saying it would shape the country's future.

The agreement targets the development of 17 strategic oilfields with an initial production goal of 1.5 million bpd, which is expected to generate around $209 billion in revenue for Venezuela based on a benchmark oil price of $65 per barrel.