![\"US-Venezuela](\"https:\/\/static.toiimg.com\/thumb\/msid-133622232,imgsize-90486,width-400,height-225,resizemode-4\/us-venezuela-deal.jpg\" "\\"US-Venezuela")
<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nUS President Donald Trump has put Venezuela\u2019s vast oil reserves at the centre of what he calls \u201cthe biggest oil deal in world history.\u201d Venezuela\u2019s interim President Delcy Rodriguez stated that the energy pact with the US will last 25 years and aims to revive the country\u2019s struggling oil industry.Trump said the deal was negotiated by secretary of state Marco Rubio, defence secretary Pete Hegseth and Rodriguez. However, the White House has so far shared little information beyond Trump\u2019s social media post announcing the agreement.For Rodriguez, the deal is about turning Venezuela\u2019s oil wealth into real benefits for its people. Speaking on Saturday while visiting reconstruction work after twin earthquakes in late June left thousands of families homeless, she said the reserves would \u201ccease to be an inert, cold statistic and will instead become concrete solutions. Housing is one of them.\u201d\u201cWhat we are doing is for the development of the country, but above all, to serve the Venezuelan people, to provide them with more jobs, better wages, and access to public services such as water, electricity, hospitals, schools and adequate food,\u201d she said.<\/p>\n The US government and an unnamed private operator in Venezuela have set up a new company with rights to untapped oil fields for 100 years. Rodr\u00edguez said the agreement aims to increase Venezuela\u2019s oil production to 1.5 million barrels per day. The deal covers 17 fields with a proven potential of 65 billion barrels, according to her statement.It could bring $100 billion in investment into Venezuela\u2019s oil industry and generate more than $209 billion in taxes for Caracas.The US government also plans to take a 35% passive stake in North American Blue Energy Partners, owned by Venezuelan businessman Alejandro Betancourt, The Wall Street Journal reported on Saturday, citing people involved in the negotiations.<\/p>\n The US will get 55% of the new company\u2019s effective output through an ownership stake and the right to buy oil at cost.A US official, who was not authorised to speak publicly and spoke on condition of anonymity, said oil bought by the US would go towards its strategic oil reserves and the military.The company would become the second-largest corporate holder of proven oil reserves after Saudi Aramco, the official said.However, it is not yet clear how much of the US\u2019 55% effective output will come from its ownership stake and how much will come through its right to buy oil at cost.<\/p>\n Trump has said the agreement will help lower gasoline prices in the US, though experts do not expect Venezuelan oil production to rise quickly.Venezuela\u2019s oil infrastructure is in poor shape and will need years and billions of dollars in investment to repair. Neither side has said who will pay for the work or how much it will cost.The average US gasoline price stood at about $4.08 a gallon on Saturday, according to AAA, compared with $3.20 at the same time last year.Amy Myers Jaffe, director of the Energy, Climate Justice and Sustainability Lab at New York University, said the deal could be \u201chelpful in the long run, but it\u2019s not going to do anything to change the price of gasoline at the retail station for Labor Day weekend.\u201dKevin Book, managing director at ClearView Energy Partners, said Venezuela had room to increase its oil production. The country had previously produced more than 2.5 million barrels a day above its current levels, he said.But investment on this scale would take time.\u201cIt\u2019s going to take time \u2014 many years \u2014 to deploy that much capital and produce the kind of incremental results that history suggests possible,” Book said.<\/p>\n The agreement has drawn criticism in Venezuela, with some people viewing it as a betrayal of the government\u2019s long-standing position that the country\u2019s resources belong to Venezuela and should not be opened up to the US.At a market in eastern Caracas on Saturday, Douglas Borjas said he was upset by the announcement.\u201cI think they\u2019re doing it to cling to power,\u201d he said of Venezuela\u2019s leaders. \u201cIt\u2019s like, \u2018I\u2019m giving you a vast amount of petroleum as long as you leave me alone here in power.\u2019\u201dHe added, \u201cThe Venezuelan people deserve better. Venezuela has resources that can be exploited, but for the benefit of the people, not for the benefit of the corrupt elite.\u201dHarvard University professor Ricardo Hausmann, a former Venezuelan planning minister, called the agreement a \u201cshameful deal.”\u201cVenezuelans will not respect this illegitimate deal and no major US oil company will take it seriously because they know it will not last,\u201d Hausmann said on social media, adding that Rodr\u00edguez \u201chas no legitimacy or constitutional power to commit Venezuela to any such deal.”<\/div>\n US President Donald Trump has put Venezuela\u2019s vast oil reserves at the centre of what he calls \u201cthe biggest oil deal in world history.\u201d Venezuela\u2019s interim President Delcy Rodriguez stated that the energy pact with the US will last 25 years and aims to revive the country\u2019s struggling oil industry.Trump said the deal was negotiated 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President Donald Trump has put Venezuela\u2019s vast oil reserves at the centre of what he calls \u201cthe biggest oil deal in world history.\u201d Venezuela\u2019s interim President Delcy Rodriguez stated that the energy pact with the US will last 25 years and aims to revive the country\u2019s struggling oil industry.Trump said the deal was negotiated […]","magazineBlocksPostCategories":["\u0b26\u0b47\u0b36 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does the deal include?<\/h2>\n<\/p>\n
How much oil will the US get?<\/h2>\n<\/p>\n
Will the deal bring down US petrol prices?<\/h2>\n<\/p>\n
Why is the deal facing criticism in Venezuela?<\/h2>\n<\/p>\n
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"