Venezuela Says U.S. Oil Cooperation Deal Will Last 25 Years, Targeting 1.5 Million Barrels a Day

Venezuela's acting president Delcy Rodriguez said on August 29 that the oil cooperation agreement reached with the United States will last 25 years and aims to lift crude output to 1.5 million barrels a day while preserving Venezuela's control over its natural resources, according to Jiemian News. U.S. President Donald Trump said on social media on August 28 that the United States had reached an agreement with Venezuela and obtained "majority control" over more than 65 billion barrels of Venezuela's proven oil reserves. Rodriguez later confirmed that Venezuela and the United States had signed a large-scale oil cooperation deal.