U.S. Secretary of State Marco Rubio said the new oil agreement between the United States and Venezuela is expected to bring up to $100 billion in private investment into the country.
Rubio estimates that this cooperation could boost the recovery of the Venezuelan economy, particularly its oil industry. The investments are expected to enable the creation of thousands of jobs and the rebuilding of energy infrastructure.
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“For the people of Venezuela, this agreement will attract nearly $100 billion in private investment, support thousands of good-paying jobs and promote economic recovery,” Rubio wrote on the X platform.
The signing of the agreement comes at a time when Washington is facing pressure from rising fuel prices and declining strategic oil reserves. The U.S. Strategic Petroleum Reserve has fallen to 289.7 million barrels, reaching its lowest level since November 1982.
With around 303 billion barrels, Venezuela has the world’s largest proven reserves of crude oil. This amount represents approximately 17% of global reserves.
Despite this wealth, Venezuela currently accounts for only about 1% of global oil production. The prolonged economic crisis and lack of investment have caused severe damage to the country’s energy infrastructure, significantly reducing its production capacity.
Through new private capital, the U.S. administration aims to restore the damaged infrastructure to operation and increase Venezuelan oil production.
At the same time, the average price of gasoline in the United States has risen to around $4.09 per gallon, compared with $3.21 a year ago. This increase has intensified pressure on the Trump administration to expand supplies and reduce costs for consumers.
The pact is also viewed as part of Washington’s plan to make use of Venezuela’s vast energy reserves and encourage the return of U.S. oil companies to the country. However, major companies in the sector have previously shown reluctance because of legal uncertainty, a lack of investment and the state of Venezuela’s infrastructure.
