U.S., Venezuela energy deal will last 25 years, says interim President Rodríguez
Venezuela and the U.S. have entered a 25-year energy agreement aimed at increasing crude oil production to 1.5 million barrels per day. The deal grants the U.S. partial control over Venezuelan oil reserves to help stabilize energy markets.
Why it matters
Marks a significant shift in geopolitical energy policy and international relations between the U.S. and Venezuela.
A man holds a sign with a message that reads in Spanish, 'Yankee out, murderers' during a protest against President Donald Trump's deal giving the United States a stake in Venezuela’s oil reserves in Caracas, Aug. 29. Pedro Mattey/The Associated Press
Venezuelan interim President Delcy Rodríguez said on Saturday that an energy agreement with the U.S. would remain in force for 25 years, target an increase in crude output to 1.5 million barrels per day (bpd) and preserve the country’s sovereignty over its natural resources.
Rodríguez hailed the accord in a late-night address as a “historic” deal that would help revive the economy and boost government revenue, saying it would help shape the country’s future.
“This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” Rodríguez said on state broadcaster VTV.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in