Venezuela Acting President Rodríguez Promotes New Oil Agreement With US In Televised Address

Venezuela’s acting President Delcy Rodríguez has promoted a new oil agreement with the United States, describing it as a 25-year binational project that could develop 17 oil fields and target production of more than 1.5 million barrels per day. Rodríguez said the project could generate more than $209 billion in taxes for Venezuela while insisting that the country will retain ownership and sovereignty over its natural resources. The agreement, announced by US President Donald Trump, gives the United States a 55% effective output share of the new private company, including an ownership stake and rights to purchase oil at cost. While Trump said the deal could help lower fuel prices in the US, experts warn that Venezuela’s ageing oil infrastructure will require years and billions of dollars in investment before production can significantly increase.