US and Venezuela strike deal for US control of 65bn barrels of oil reserves
US President Donald Trump announced a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, claiming it would more than double American oil reserves and lower gas prices. Venezuela's interim President Delcy Rodríguez hailed the agreement as historic, saying it would help revive the economy. The deal includes development of 17 strategic oil fields, with the US retaining 55% control of a joint venture and a 100-year concession. Analysts expressed skepticism, questioning legal and constitutional challenges, and noting that heavy, sour oil may not quickly impact petrol prices. The agreement comes amid high global oil prices due to the Iran war and follows the US capture of former President Nicolás Maduro.
What we know
The agreement includes development of 17 strategic oil fields and an investment of over $100 billion, with more than $209 billion in taxes for Venezuela.
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The US government will retain 55% control of a joint venture with a private operator, and the venture receives a 100-year concession.
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The US and Venezuela have reached an agreement for the US to control over 65 billion barrels of Venezuela's proven oil reserves.
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The deal was announced by US President Donald Trump and hailed by Venezuela's interim President Delcy Rodríguez.
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The deal follows the US capture of former Venezuelan President Nicolás Maduro in January.
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The deal is intended to increase crude output to 1.5 million barrels per day.
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Analysts have expressed skepticism about the deal's feasibility and legal basis.
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The official text of the agreement has not been published.
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Open any source to inspect its original language, when DoseFix received it, and the claims it supports.
Trump hails 'historic' deal for US to control 65bn barrels of Venezuela's oil
bbc.com · EN · Published · ReceivedLive reports
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