Venezuela’s government has begun explaining the terms of a sweeping oil agreement with the United States after President Donald Trump announced that Washington had secured rights to 65 billion barrels of Venezuelan crude. The deal, unthinkable just months earlier, came together in the wake of the January 3 capture of former leader Nicolás Maduro, a dramatic shift that has unsettled both his allies in the ruling socialist movement, known as “chavismo,” and the country’s opposition.
Delcy Rodríguez, now serving as Venezuela’s acting president, addressed the nation on television the day after Trump’s announcement to lay out the financial details, responding to hours of public criticism over the arrangement. According to Rodríguez, using a reference price of $65 per barrel, Venezuela stands to receive a total of $209.335 billion in exchange for the crude supply.
The announcement leaves many questions unanswered about how the oil will be delivered, over what timeframe, and what conditions come attached. The deal marks one of the most significant shifts in US-Venezuela relations in decades, given the two countries’ long history of tension over oil, sanctions, and political recognition.
To understand the full scope of this unprecedented agreement and its implications for Venezuela’s economy and politics, read the original report at El Tiempo.
Image: NOAA's National Ocean Service, BY 2.0 (via Openverse).