Venezuela Secures Estimated $209 Billion in Annual Revenue from US Oil Deal
Venezuelan interim President Delcy Rodríguez unveiled details of her country's new oil deal with the US, which she hailed as 'historic'.
The 25-year bilateral project aims to develop 17 strategic oilfields and produce over 1.5 million barrels per day, with each party contributing what it does best: Venezuela provides oil and industry expertise, while the US brings capital and technology.
Rodríguez stated that Venezuela will receive $19 for each barrel of oil produced and sold to the US, generating an estimated $209 billion annually. The benchmark price is set at $65 per barrel, which could fluctuate based on global prices.
The deal has been met with skepticism from some lawmakers, including Sen. Chris Van Hollen (D-Md.), who called it 'a gross dereliction of his constitutional duty' to put service members at risk for private profit.