Trump says U.S.-Venezuela relationship 'excellent' amid oil boom

President Donald Trump declared the relationship between the United States and Venezuela to be "excellent," asserting that the South American nation is experiencing unprecedented success in oil production and exports. During an interview with CNBC, Trump highlighted that Venezuela's oil sector is performing better than ever, with significant companies entering the market and the U.S. receiving its "fair share."

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Our relationship with Venezuela is excellent. They are doing better than ever with oil.

This positive assessment follows a period of increased Venezuelan oil exports, which reached their highest level in seven years at 1.25 million barrels per day in early June, according to the U.S. chargé d'affaires in Venezuela, John Barrett. This surge is attributed to the Trump administration's strategy, particularly after the apprehension of Nicolás Maduro in January.

Official figures from the Organization of the Petroleum Exporting Countries (OPEC) indicated a 27.6% increase in Venezuela's crude oil production between January and May. In response to Washington's interest in Venezuelan oil, reforms have been promoted, especially in the hydrocarbons sector, to encourage foreign investment.

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as it should be

However, the article notes uncertainty regarding the impact of two recent major earthquakes (magnitude 7.2 and 7.5) that struck Venezuela. The extent to which these seismic events will affect oil production and infrastructure renewal projects remains unclear. The United States has provided aid to the Venezuelan government to help manage the catastrophe, which has resulted in over 2,295 deaths and 11,267 injuries according to official reports.

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level highest in seven years