The president of the United States, Donald Trump, has announced the acquisition of “majority control” of Venezuela’s oil reserves after the signing of the “largest oil agreement in world history” with the Government of Delcy Rodríguez. This alliance seeks to double US reserves and lower the price of fuel.
In a publication on social networks, the American magnate explained that the Secretary of State, Marco Rubio, and the Secretary of War, Pete Hegseth, were also present at the signing of the agreement and that the United States has gained “majority control of more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer.”
Thus, according to Trump, this agreement will allow “doubling oil supply reserves” and “substantially reducing” the price of fuel in the long term. Likewise, he has assured that the agreement will also be beneficial for Venezuela, because it will allow, “at the same time, to contribute to its continued progress towards tremendous success and great prosperity.”
An agreement susceptible to legal challenges
Trump has focused on the “burgeoning relationship” between his government and that of Venezuela. This plan represents a modern and unprecedented intervention in the economy of another country, and susceptible to legal challenges and political changes, since it is not clear that the agreement would have the full support of a future US president other than Trump.
For his part, Marco Rubio has called the agreement a “major victory” for both countries, demonstrating “how the president’s bold foreign policy is driving “America First” victories based on “stable reserves and low-cost oil and reducing gasoline prices at home.”
As for the president in charge of Venezuela, Delcy Rodríguez, she predicted that the agreement will boost “the economic growth of the country” and a tax collection of 209,000 million dollars (180,000 million euros) for the economy of Caracas.
Deteriorated infrastructure
“The agreement will allow for a considerable increase in oil production with the participation of private operators. The development of 17 strategic fields is contemplated, with a proven potential of 65 billion barrels of oil, an investment of more than 100 billion dollars and more than 209 billion dollars in taxes for the State,” he said in a statement.
In addition, sources from the Bloomberg agency have revealed that the giant Chevron is in talks to expand in Venezuela and incorporate two new oil fields into its operations in the country. However, Trump’s initiative is full of logistical problems, since the Venezuelan infrastructure is deteriorated and the electricity supply is very unstable.
Analysts and industry experts say it could take more than a decade to restore production to the roughly three million barrels a day that Venezuela pumped before its oil industry began a decades-long collapse.
