US-Venezuela Energy Deal Targets 1.5m bpd Output

Venezuela and the United States have signed a historic 25-year energy agreement that aims to increase crude production to over 1.5 million barrels per day, according to Venezuelan interim President Delcy Rodriguez.

The deal, which is expected to generate an estimated $209 billion in state revenue over its duration, would focus on developing 17 strategic oilfields and eight greenfield blocks.

Rodriguez emphasized that the agreement would preserve Caracas' ownership and sovereignty over its oil resources, with foreign companies providing capital, technology, and operational expertise to revive Venezuela's struggling oil industry.