About 65 billion barrels of Venezuelan oil will pass under the control of the United States, following an agreement between the administration of Donald Trump and the South American country. The measure has already been supported by the United Socialist Party of Venezuela (PSUV), the Government’s party.
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“A new era of recovery, growth, production, security, and prosperity for our people is beginning,” said Delcy Rodríguez, acting president of Venezuela.
The “largest oil agreement in world history,” as called by the Republican leader, “will greatly strengthen the already growing relationship between Venezuela and the United States,” the president stated.
The transaction will more than double Washington’s oil reserves, and the majority control over the barrels of proven reserves will come at no cost to the American taxpayer.
At the same time, according to the U.S. president, the measure will “substantially lower gas prices for all Americans for a long time, while helping to continue putting Venezuela on a path toward tremendous success and great prosperity.”
Under Trump’s direction, the agreement was negotiated by Secretary of State, Marco Rubio; Secretary of Defense, Pete Hegseth, and the interim president of Venezuela.
Rubio stated that the treaty “demonstrates how President Trump’s bold foreign policy is generating victories under the America First premise: securing stable reserves and low-cost oil in our hemisphere, and reducing gasoline prices here at home.”
Thus, the Secretary of State emphasized that the agreement will bring nearly $100 billion in private investment to Venezuela, which “will create thousands of well-paid jobs and boost the reconstruction of the economy.”
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On Friday night, Rodríguez publicly thanked the American president and Rubio for their support in crafting the deal.
In this regard, she stressed that her goal is “to advance toward the consolidation of an energy-producing power.” The interim president also mentioned that the measure will promote, among other things, the economic growth of Caracas and the recovery and modernization of the national industry.
She also commented that “it will facilitate a significant flow of investment aimed at the recovery and reconstruction of strategic infrastructure for the development of the hydrocarbon industry.”
The Venezuelan authority specified that this commitment “will allow a significant increase in oil production with the participation of private operators. It includes the development of 17 strategic fields, with a proven potential of 65 billion barrels of oil, an investment of more than 100 billion dollars, and more than 209 billion dollars in taxes for the State.”
For its part, the PSUV expressed its “full support” for the agreements signed with the U.S.: “we accompany the mechanisms of productive recovery that prioritize national interests and allow overcoming the impact of more than a decade of economic sanctions, unilateral coercive measures, and unjust blockades.”
The party also pointed out that “it is about taking advantage of all possible tools, within the constitutional framework, to put our immense hydrocarbon reserves at the service of national development.”
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