US President Donald Trump has called it “the biggest oil deal in world history”, while Venezuela’s interim president has assured the public that the country will retain control of its oil under the agreement. The “historic” 25-year deal with Washington involves 65 billion barrels of Venezuelan oil and aims to allow the country to develop its oil industry…
GlobeSignal-AIlow certainty
Why it matters
The agreement gives Venezuela access to develop its oil reserves through US partnership, while establishing a long-term US supply commitment from one of the Western Hemisphere's largest reserves.
Most affected
Venezuelan government — Secures 25-year framework for oil industry development with US involvement. US energy supply — Locks in access to 65 billion barrels from a major regional oil source over 25 years.
Likely next
Whether the deal receives US congressional approval and the timeline for oil production to begin under the agreement.