US Secures Historic Oil Deal with Venezuela, Trump Vows Lower Gas Prices
US Secures Historic Oil Deal with Venezuela, Trump Vows Lower Gas Prices
- The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump ann
- The deal calls for an investment of more than $100 billion and more than $209 billion in taxes for the State, as stated This agreement
- The deal would also appear to be wider in scope than the US-led Coalition Provisional Authority's control over Iraq's oil revenues afte
The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced. According to the agreement, the development of 17 strategic oil fields with a proven potential of 65 billion barrels will be carried out The US government will retain 55% control of a joint venture with this private operator.
The deal calls for an investment of more than $100 billion and more than $209 billion in taxes for the State, as stated This agreement is expected to contribute to Venezuela's economic growth, energy security, and greater balance in international markets.
Terms of the Deal
The deal would also appear to be wider in scope than the US-led Coalition Provisional Authority's control over Iraq's oil revenues after Saddam Hussein was ousted in an American-led invasion in 2003. However, it is unclear whether the agreement could face legal and constitutional challenges in Venezuela.
President Maduro and his wife, Cilia Flores, were seized in a US special forces operation authorised The US has asked oil firms to invest at least $100bn to restore the country's oil industry. Trump has also claimed the rights to Venezuela's oil after saying that the country had in the past 'unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars'.
Secretary of State Marco Rubio hailed the agreement as a "a huge win for both the American and Venezuelan people". Few details were released.
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Implications
He has also said the rights to Venezuela's oil after saying that the country had in the past "unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars".
BBC visits oil region at heart of Trump plan to 'Make Venezuela Great Again'
The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced.
"This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans," Trump posted on social media.
Venezuela's interim President, Delcy Rodriguez, hailed the agreement as one that would help her nation's economic revival.
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I write about the forces shaping business and the global economy, from startup growth and changing markets to international trade and policy. My work focuses on breaking down complex developments into clear, practical insights and understanding what they could mean for businesses, investors, and the wider economy.
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