Washington and Caracas Finalize Landmark 25-Year Oil Pact

US President Donald Trump has hailed the agreement as “the biggest oil deal in world history,” while Venezuela’s interim president has assured the public that the nation will retain control over its oil reserves under the new arrangement. The “historic” 25-year deal with Washington encompasses 65 billion barrels of Venezuelan oil and is designed to facilitate the development of the country’s oil industry while preserving “ownership of and sovereignty” over its resources, Rodriguez said in a televised address.

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