U.S. Venezuela Pact Boosts Caracas Oil
The reveal of an agreement between the United States and Venezuela allows the U.S. military to directly participate in the Venezuelan oil industry. Washington will hold a stake of up to 20% in a private company managing oil fields with estimated reserves of about 65 billion barrels, equivalent to one-fifth of Venezuela's reserves. The agreement aims to bolster the U.S. strategic oil reserve by tapping into Venezuelan resources, with expectations of over $100 billion in investments and the creation of thousands of jobs. The deal faces legal criticism within Venezuela, as it violates the constitution which stipulates that oil reserves are state property, and there are concerns about its impact on national sovereignty. However, it represents a significant shift in Washington's role in the energy sector.
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