Venezuela Says U.S. Oil Pact Runs 25 Years and Targets 1.5 Million Barrels Daily

President Delcy Rodríguez said Venezuela’s new oil agreement with the United States will run for 25 years, cover 17 strategic fields and target more than 1.5 million barrels a day. She said the project also includes eight greenfield blocks in the Orinoco Oil Belt, minimum royalties of 16% and a 34% income-tax rate. At an assumed price of $65 a barrel, Rodríguez projected $209.335 billion in Venezuelan state income, equal to about $19 per barrel. She said Venezuela retains ownership of its resources while U.S. capital and technology support production.