U.S. and Venezuela sign deals to develop oil reserves
Officials from the U.S. and Venezuela signed a series of deals Wednesday to develop the country’s oil reserves.
On a visit to Caracas, U.S. Energy Secretary Chris Wright called it an historic day in the transformation of Venezuela.
Earlier this week, the Trump administration announced a framework agreement that would allow the U.S. access to around one-fifth of the country’s oil reserves. The Pentagon will get a stake in the revenues.
U.S. oil giant Chevron is among those looking to benefit and is committing $7 billion to double its production over the next five years.
On the ground, some Venezuelans remain doubtful. One small business owner says he doesn’t see “any benefit for the people.”
Industry analysts have also expressed skepticism towards processing Venezuela’s crude, which is notoriously difficult to refine.
Still, the White House says Venezuela’s oil could enter U.S. reserves as soon as November.
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