23 Hrs
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المشهد
Oil deal between Washington and Caracas
Washington and Caracas have signed an oil agreement allowing the United States to exploit 17 oil fields in Venezuela with investments reaching up to $100 billion. The goal is to revive and develop the struggling oil sector, which holds the largest global reserves estimated at over 65 billion barrels. The agreement aims to increase current oil production, which is around 1.2 million barrels per day—an increase of approximately 29.8% since the beginning of the year—though it is expected to take three to four years to regain previous levels exceeding 3 million barrels per day. The deal has sparked criticism concerning the loss of national sovereignty and lack of transparency, amid concerns that it will benefit the United States more than the Venezuelan people, who hope that the rebound in oil production will improve their economic living conditions, although its impact is expected to be limited in the near term.
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