CARACAS (AFP) - Venezuela has signed agreements with two American companies in an attempt to boost oil production, the latest sign of improving relations after Washington ousted leftist leader Nicolas Maduro.
Published on: 05/01/2026 - 10:53
Venezuela's acting presidency is currently held by Delcy Rodriguez, who is cooperating under intense American pressure to meet President Donald Trump's demands for access to the country's vast oil supplies.
Rodriguez, Maduro's deputy before US forces arrested him in a special operation in Caracas in January, faces the task of leading a country that has the largest proven oil reserves in the world, but whose economy is in a deplorable state.
The prospect of increased Venezuelan oil production comes as global markets face supply disruptions from the Middle East due to the war on Iran, which has led to higher energy prices.
Under the agreements signed Thursday, the American companies Hunt Overseas Oil Company and Crossover Energy will operate in the Orinoco Belt, where most of Venezuela's oil reserves are concentrated.
Delcy Rodriguez said that these agreements represent "the convergence of the interests of the United States and Venezuela."
She added, "Please inform President Trump, who is a man of action... that we have pledged to build solid foundations for long-term relations between the United States and Venezuela."
Venezuela has concluded agreements with multinational oil companies, including Chevron, Eni and Repsol, after adopting reforms to liberalize the energy sector.
The signing ceremony of the new agreements was attended by US envoy Jarrod Agin, who arrived in Caracas on Thursday with the resumption of direct flights after seven years of cessation.
Envoy Air, a subsidiary of American Airlines, and the Venezuelan company Laser Airlines will operate flights between Caracas and Miami starting this week.
© 2026 AFP
The content you want to browse is no longer in service or is currently unavailable.
