U.S. Secretary of State Marco Rubio said the new oil agreement between the United States and Venezuela could attract nearly $100 billion in private investment, as part of an effort to recover and modernize Venezuela’s struggling energy industry.
The agreement includes the development of 17 strategic oil fields with proven potential of approximately 65 billion barrels. Rubio said the initiative could create thousands of jobs and contribute to Venezuela’s economic recovery.
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President Donald Trump described the agreement as one of the largest oil deals in history and said it could also strengthen the U.S. energy supply. Meanwhile, Venezuela’s acting president, Delcy Rodríguez, highlighted the project’s potential to generate significant tax revenue for the Venezuelan state.
When will the economic impact of the agreement become visible?
That remains unclear. Although the announced investment is substantial, restoring Venezuela’s oil production will take time because of deteriorated infrastructure and the technical complexity of its reserves.
The agreement could also benefit U.S. energy companies such as Chevron, which already maintains operations in Venezuela.
