The United States has signed an agreement to gain control over Venezuela’s more than 65 billion barrels of oil reserves. This figure is also big because America itself has about 46 billion barrels of oil. Compared with India, the country buys about 1.6 to 1.7 billion barrels of crude oil from abroad every year. Accordingly, 65 billion barrels of oil is equal to India’s 40 years of oil import. According to the US State Department, this work will be done in collaboration with a private company working in Venezuela. America will get 55% share in the oil produced from this partnership. However, the name of this private company has not been disclosed yet. US President Trump has posted on social media and called it the world’s biggest deal. Venezuelan President Delcy Rodriguez has also called it a historic agreement. Venezuela has the world’s largest oil reserves with 300 billion barrels of oil. There are more than 300 billion barrels of oil present there. The 65 billion barrels of oil that Trump is talking about under American control is about one-fifth of Venezuela’s total oil reserves. Despite Venezuela having such large oil reserves, production there is very low. Its oil industry has long been in trouble due to the economic crisis, lack of investment and US sanctions. The most important thing in this deal is still not clear how much oil will come to America. It is important to understand whether America will get ownership of Venezuela’s 65 billion barrels of oil or will only get a larger share in its production. According to the information available now, America will get 55% of the oil production from the partnership. But the name of the private company involved in this work and the complete terms of the agreement have not been revealed yet. Therefore, America’s control over 65 billion barrels of oil does not mean that all the oil belongs to America. How much rights America will actually get will become clear only after the full terms of the deal are revealed. More than $100 billion investment According to President Rodriguez, under the agreement, 17 Venezuelan oil fields will be redeveloped. It is said that there will be an investment of more than 100 billion dollars. He says that from this entire work, the Venezuelan government can get about 209 billion dollars in tax in the coming time. He said that Venezuela wants to use its large oil reserves for the development of the country. Relations between America and Venezuela changed after the arrest of Nicolas Maduro in January. After Delsey Rodriguez became President, talks between the two countries increased and Venezuelan oil became its most important issue. After this Venezuela changed the rules of the oil industry. The new rules gave more rights to foreign companies and opened the way for American companies to invest and increase oil production there. Venezuela has the most oil, yet the poor Venezuelan economy has been in crisis for a long time. The country’s government oil company weakened, investment in the oil industry decreased and production continued to fall. Apart from this, American sanctions also harmed the oil business. That is, there is a lot of oil under the ground, but the ability to extract it, sell it and earn from it has become weak. Along with this, there was inflation, economic mismanagement and political instability in the country for many years. This had a direct impact on the earnings and everyday life of the common people. OPEC is challenged by this deal. OPEC is a group of oil producing countries. Its members influence the supply in the market by increasing or decreasing oil production. If the supply is less, the price may increase and if more oil arrives, the price may decrease. Venezuela is also a member of OPEC. If Venezuelan production increases and more oil comes to the market, there could be downward pressure on oil prices. However, this does not mean that petrol and diesel will become cheaper immediately after the deal. Increasing oil production in Venezuela will take time. Apart from this, Iran war, OPEC decisions, world oil demand and production of other countries will also play a big role in determining the price. —————————- Report- America will give Venezuelan oil to India: Trump met officials of the world’s big oil companies; Reliance can also buy oil. America can allow India to buy oil from Venezuela. According to media reports, a senior official of the Trump administration has given this information. Read the full news here…
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अमेरिका ने वेनेजुएला का 65 अरब बैरल तेल कब्जाया: यह भारत की 40 साल की जरूरत के बराबर; ट्रम्प बोले- इतिहास की सबसे बड़ी डील
