Venezuela confirms "historic" oil deal with US, thanks Trump

Venezuela has announced a "historic" oil agreement with the United States, a move described by acting President Delcy Rodríguez as a significant milestone in bilateral relations. Rodríguez expressed deep gratitude to U.S. President Donald Trump and Secretary of State Marco Rubio for their commitment to developing this alliance.

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historic oil agreement

The agreement is expected to substantially boost Venezuela's oil production. It involves the development of 17 strategic fields with proven reserves of 65 billion barrels of oil. The initiative anticipates an investment exceeding $100 billion, with projected state revenues of over $209 billion in taxes. This partnership is seen as crucial for the revitalization of Venezuela's oil industry and its broader economy.

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highly grateful for their disposition in the development

Rodríguez highlighted that the deal is a result of strengthened ties between Caracas and Washington, which formally restored diplomatic relations in March after a seven-year rupture. The agreement is anticipated to have a considerable impact on Venezuela's economic recovery and the reconstruction of its strategic energy infrastructure. It aims not only to modernize the industry but also to foster economic growth, enhance hemispheric energy security, and contribute to global market stability.

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a historic milestone in bilateral relations

Venezuela's objective is to solidify its position as an energy powerhouse, leveraging its vast oil reserves for national development, job creation, and improved living standards for its citizens. Rodríguez stated that this marks a new phase of recovery, growth, and prosperity for the Venezuelan people. The country's oil production has recently reached its highest level since February 2019, standing at 1.23 million barrels per day.

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significantly increase oil production with the participation of private operators