US Energy Secretary to Visit Venezuela for Oil Deal

Caracas – Venezuela’s unicameral National Assembly approved a legislative resolution endorsing a proposed oil production agreement estimated at 65 billion barrels, even though the specifics of the deal have not been disclosed to the public. The vote, taken during a session convened by the ruling United Socialist Party of Venezuela (PSUV), signaled formal legislative support for the initiative, which officials say is intended to boost the country’s output and generate foreign exchange amid ongoing economic challenges.

The lack of publicly released details has prompted inquiries from opposition lawmakers and international observers about the partnership’s partners, financing structure and expected timelines. Government spokespeople reiterated that the agreement aligns with President Nicolás Maduro’s strategy to revitalize the state oil sector and attract investment, while emphasizing that further information will be provided once contractual negotiations are finalized. The Assembly’s endorsement marks a key step toward implementing the large‑scale plan, which could reshape Venezuela’s role in global oil markets if the deal proceeds as outlined.