A US-Venezuela oil deal has been announced by President Trump and Interim President Delcy Rodriguez. The author, a special adviser to Venezuelan Congressman Antonio Ecarri, states this agreement was reached in secrecy, without public debate, and signed under duress, making it illegitimate and probably illegal. PDVSA, Venezuela’s state-owned oil company, accounts for nearly 95% of the country’s foreign exchange earnings, but its reserve depletion rate is only 0.124% per year, compared to approximately 9% for ExxonMobil. At this rate, most of Venezuela’s oil reserves are virtually worthless. The author recommends dollarizing Venezuela’s economy and privatizing the oil industry.
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