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Venezuela and US announce "historic" oil deal after months of negotiations
🇩🇴 Dominican Republic /Elections & Politics

Venezuela and US announce "historic" oil deal after months of negotiations

From Diario Libre · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • The U.S. and Venezuela have finalized a significant oil agreement, with Washington gaining control of over 20% of Venezuela's crude reserves.
  • President Trump called the deal the "biggest oil deal in world history," projecting over $100 billion in investment and significant tax revenue for Venezuela.
  • The agreement, which involves developing 17 strategic fields, aims to bolster U.S.-Venezuela relations and potentially lower gasoline prices in the U.S.

Nearly nine months after President Donald Trump signaled U.S. energy companies' entry into Venezuela's oil industry, a "historic" agreement has been announced. This deal grants Washington control over more than 20% of Venezuela's vast crude oil reserves. Trump has lauded the agreement as "the biggest oil deal in world history."

While many details remain undisclosed, Venezuelan interim president Delcy Rodríguez specified that the deal entails the development of 17 strategic fields within the country, which holds the world's largest proven crude reserves. The projected investment is expected to exceed $100 billion. This significant accord, reached after months of negotiations, solidifies the relationship between the two administrations, with Trump having previously asserted that the United States "is in charge" of Venezuela.

We are going to have our very great American oil companies, the greatest in the world, come in, spend billions of dollars, fix the severely damaged infrastructure, the oil infrastructure, and start making money for the country.

— Donald TrumpDuring a press conference on January 3rd, regarding U.S. companies entering Venezuela's oil sector.

Under the agreement, U.S. companies will exploit a substantial portion of Venezuela's proven reserves, estimated at 65 billion barrels. This figure represents over 21% of Venezuela's total reserves of approximately 303.8 billion barrels. Trump stated that the operations would generate over $209 billion in taxes for the Venezuelan state and would not incur costs for U.S. taxpayers, while also aiming to reduce gasoline prices amid global tensions.

Media reports suggest that Chevron, already operating in Venezuela, could be among the involved oil companies. Trump's earlier statements indicated a desire for U.S. companies to invest billions, repair deteriorating oil infrastructure, and generate revenue for Venezuela. The agreement appears to fulfill his stated objective of securing access to Venezuelan oil to help rebuild the country and potentially lower domestic energy costs.

We need access to the oil and other things from your country that will allow us to rebuild your country.

— Donald TrumpSpeaking to journalists on January 4th.
About this summary

Originally published by Diario Libre in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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