Venezuela: Chevron announces $7 billion agreement as US claims a fifth of oil

Chevron announced on Wednesday an expansion agreement worth $7 billion for its operations in Venezuela. The agreement was revealed a few hours after the Venezuelan parliament approved handing over to Washington control of a fifth of the country's oil reserves. The American oil company thus reinforces its presence in Venezuelan territory at a time of deep diplomatic negotiations between the two countries. The agreement comes at a time when relations between the United States and Venezuela are going through a phase of rapprochement, with the government of Nicolás Maduro accepting significant concessions in exchange for the relief of American sanctions. The handover of control of 20 percent of oil reserves to Washington represents one of the most substantial concessions made by the Venezuelan executive in the context of these negotiations.