Trump announced that the United States reached an agreement with Venezuela to take control of 65 billion barrels of oil reserves. The oil agreement will attract nearly 100 billion dollars in private investment for the South American country, according to US Secretary of State Marco Rubio, who described the agreement as a great victory for both the American and Venezuelan peoples.
Chevron, the second largest oil company in the United States and the only one with a significant presence in Venezuela, is in advanced negotiations to significantly expand its operations in the country. North American Blue Energy Partners, controlled by the family of businessman Alejandro Betancourt López, is cited as the main leader of future operations in Venezuelan fields.
PDVSA's role in the agreement remains uncertain. The company has been under US sanctions since 2019, during Trump's first term. In May, the US Treasury Department again authorized some businesses involving the company, benefiting both the United States and Venezuela and supporting the global energy market.
Analysts warn that Venezuelan oil production is expected to take years to materialize, so the agreement may take time to have effects on gasoline prices in the US. Despite the statements from Trump and Delcy, doubts remain about the legality of the agreement under US and Venezuelan laws.
