Venezuela Signs Deal with US to Restore Oil Production

Venezuela's interim President Delcy Rodriguez has assured citizens that their country retains control of its oil under a new deal with the United States. The agreement gives Washington majority access to 65 billion barrels of Venezuela's proven reserves, but concerns are being raised about transparency and potential losses of sovereignty.

The US deal aims to restore production to three million barrels per day, which is below the levels reached over two decades ago. Oil production in Venezuela rose by 29.8% between January and July to reach 1.2 million barrels per day, but analysts say it will take at least three or four years for the increase to be seen.

Caracas has put $100 billion in private investment behind a plan to revive output, with Rodriguez promising more than $204 billion in tax revenue without providing details. Supporters of the government are expressing doubts about the deal's benefits and potential costs to Venezuela's sovereignty.