Venezuela’s interim President Delcy Rodriguez announced a new energy agreement with the United States that is set to last for 25 years. The deal aims to boost Venezuela’s crude oil production to 1.5 million barrels per day through the development of 17 strategic oilfields. Rodriguez described the pact as historic, emphasizing that it would strengthen the country's economy while preserving Venezuelan sovereignty over its natural resources.

The agreement not only targets increased oil output but also includes plans to explore eight additional greenfield oil blocks, expanding the nation’s energy sector. The deal was unveiled shortly after former U.S. President Donald Trump stated that American companies would gain majority control over more than 65 billion barrels of Venezuela’s proven oil reserves. Trump highlighted that this partnership was designed to revitalize Venezuela’s struggling energy industry and contribute to lowering fuel prices in the U.S.

Rodriguez highlighted the potential financial benefits for Venezuela, estimating that the agreement could generate approximately $209 billion in revenue, based on an oil price benchmark of $65 per barrel. She noted that around $19 from each barrel produced under the agreement would directly benefit Venezuela’s government, which faces severe economic challenges after years of underinvestment and sanctions impacting production.

Despite the economic promise of the deal, there has been domestic opposition, with protesters gathering in Caracas to express disapproval of U.S. involvement in Venezuela’s energy sector. Nonetheless, Venezuelan officials are moving forward by preparing to sign exploration and production agreements with several companies, including U.S. firms like Chevron, which is expected to transition its joint ventures into the newly established framework.