Venezuela’s acting President Delcy Rodríguez has announced that an oil agreement reached with the United States will remain in effect for 25 years and aims to increase the country’s crude oil production to 1.5 million barrels per day while preserving Venezuela’s sovereignty over its natural resources.
Speaking late Saturday, Rodríguez described the agreement as “historic,” saying it could help revive Venezuela’s economy, increase government revenues, and play an important role in shaping the country’s future.
Trump Calls It the “Largest Oil Deal in History”
U.S. President Donald Trump announced on Friday that Washington had reached a major oil agreement with Caracas, saying the deal would give the United States a broad role in developing Venezuela’s proven oil reserves, which exceed 65 billion barrels.
Trump described the agreement as “the largest oil deal in the history of the world” and said it would more than double U.S. oil reserves.
$100 Billion in Private Investment
U.S. Secretary of State Marco Rubio said the agreement was reached in cooperation with Venezuela’s acting president and with the participation of the private sector.
Rubio said the deal could attract approximately $100 billion in private investment to Venezuela, helping expand oil production and support the country’s economy.
Venezuela Holds Vast Oil Reserves
The agreement comes as Venezuela holds the world’s largest proven oil reserves, estimated at around 300 billion barrels.
Previous reports indicated that the United States had been in talks with Venezuela over the development of dozens of oil fields containing an estimated 90 billion barrels of proven reserves.
Under the proposed framework, private companies, including U.S. firms, would participate in developing the fields in exchange for ownership stakes, allowing Venezuela to increase production and boost oil revenues.
The agreement comes as Washington seeks to strengthen energy security and expand its oil resources, amid concerns over the level of U.S. strategic petroleum reserves compared with previous levels.
