Venezuela's Parliament Backs Bilateral Energy Agreement with U.S.

Venezuela's National Assembly overwhelmingly backed a 25-year energy agreement between Caracas and Washington, aimed at boosting daily oil production.

Key points

• Deputy Miguel Pérez Abad presented the project during an extraordinary parliamentary session.
• The legislative statement officially establishes the Binational Energy Agreement between Venezuela and the United States.
• Proponents of the agreement emphasize its focus on maintaining the state's full sovereignty and property over oil resources.

Why it matters

This significant legislative backing marks a major geopolitical and economic development concerning energy cooperation and oil production capacity between Venezuela and the United States.