Venezuela Extends Historic Oil Deal with US for 25 Years

Venezuela's acting president Delcy Rodriguez announced that an oil deal with the US will remain in force for 25 years, aiming to boost daily production to over 1.5 million barrels.

The agreement, which Rodriguez described as 'historic', involves the development of eight crude oil fields at the Orinoco Oil Belt, covering more than 55,000 square kilometers in eastern and central Venezuela.

Rodriguez stated that approximately $19 per barrel produced and sold will go directly to the country, with the potential to generate revenues of $209 billion if oil prices reach $65 per barrel.

The deal also envisions a rate of workshops of at least 16% and an income tax rate of 34%, which Rodriguez claimed would speed up Venezuela's economic recovery.