US takes 55% stake in 65 billion barrels of Venezuela oil
What's new: The deal targets 17 fields, up to $100 billion in investment and output of 1.5 million barrels a day.
The United States has secured majority control of a venture tied to 65 billion barrels of proven Venezuelan oil reserves, according to President Donald Trump and Venezuelan interim leader Delcy Rodríguez. Trump said the agreement would give the U.S. a 55% effective share through a new company formed with an unnamed private operator, while Rodríguez said it covers 17 strategic fields and could bring more than $100 billion in investment. BBC and PBS reported the concession could run for decades, though key terms have not been released. Trump cast the deal as a way to refill strategic reserves and ease gasoline prices as the Iran war disrupts crude flows through the Strait of Hormuz.
Sources
- CNN IndonesiaTier 180% reliableRead →5 hours ago
- BBC News (World)Tier 185% reliableRead →Aug 29
- BloombergTier 180% reliableRead →7 hours ago
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- PBS NewsHourTier 185% reliableRead →31 hours ago
- The Straits TimesTier 180% reliableRead →23 hours ago
- AxiosTier 272% reliableRead →Aug 28
- Fox NewsTier 265% reliableRead →32 hours ago
- The HillTier 270% reliableRead →7 hours ago
Earlier in this story
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- 7 hours agoUS takes 55% stake in 65 billion barrels of Venezuela oil
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