Interim President of Venezuela: 25 years of oil agreement with the United States, with a target of 1.5 million barrels per day

The interim President of Venezuela, Delci Rodríguez, published further details of the oil agreement with the United States in a national television address. The agreement covers a 25-year period and covers 17 prospective oil fields with a target of 1.5 million barrels per day. The Venezuelan Government would like to profit by setting an oil sales price of $69 per barrel, which would ensure that it would earn $19 per barrel, in addition to the 16 per cent royalties on mines and the 34 per cent income tax levied on oil companies operating oil fields. It is expected that these gains will be added to the $20.9 billion in profits announced earlier this week。