Venezuela Secures Estimated $209 Billion in Annual Revenue from New Oil Deal with U.S.
Venezuelan interim President Delcy Rodríguez announced details of her country's new oil deal with the U.S. on Saturday, calling it a 'historic' agreement that will revive Venezuela's economy and increase government revenue.
The deal, which has been touted by President Trump as 'THE BIGGEST OIL DEAL IN WORLD HISTORY!', envisages the development of 17 strategic oilfields with a production target of over 1.5 million barrels per day.
Rodríguez said that Venezuela will own the natural resources while leveraging capital, technology, and operational expertise to support the recovery of a strategic industry severely affected by sanctions.
Under the deal, the U.S. government will contribute $19 for each barrel of oil produced and sold to the U.S., generating an estimated $209 billion a year for Venezuela, she said. The benchmark price per barrel is $65, which can fluctuate based on global prices.