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Venezuela Assembly Backs Oil Deal With Trump Administration

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Venezuela's National Assembly said Tuesday that it had approved a draft resolution supporting the binational energy agreement between Venezuela and the US, according to posts from the legislature's official X account.

Deputy Miguel Perez Abad presented the draft agreement to the chamber, according to a translated post on X.

The measure had passed by what the National Assembly described as an "evident qualified majority," confirming the Assembly's support for the binational energy agreement between Venezuela and the US.

The vote to endorse an oil agreement with the Trump administration comes ahead of the US energy secretary's visit to Caracas.

The deal would give the US access to about one-fifth of Venezuela's oil reserves, while 100-year leases for 17 fields to North American Blue Energy Partners have raised questions and prompted hesitation among some oil companies, Reuters reported, citing sources.

An agreement with a private entity will be signed in Caracas Wednesday during US Energy Secretary Chris Wright's visit, while Chevron (CVX) is expected to unveil plans to expand its Venezuelan operations, the report added, citing a US official.

The US Department of Energy and Chevron did not immediately reply to' request for comment.

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Indonesia Should Embrace Least-Cost Power Planning as Coal Costs Rise, IEEFA Says

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Commodities

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