The United States and Venezuela have struck a historic deal granting the U.S. 55% effective output of a new private oil company operating in the country for 100 years. The agreement involves developing 17 fields with proven potential of 65 billion barrels, drawing $100 billion in investment and yielding over $209 billion in taxes for Caracas. Despite government assurances of sovereignty, many Venezuelan citizens view it as a betrayal of the nation’s long-held stance that resources belong to Venezuela. Experts warn that improving Venezuela’s dilapidated oil infrastructure will take years and billions of dollars, making any substantial boost in production unlikely in the near term.
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