Venezuela is believed to have one of the world’s largest reserves of oil but it produces very little oil because of mismanagement, corruption and U.S. sanctions.
The president said an agreement between the countries covered more than 65 billion barrels of reserves. A U.S. official said it would involve a partnership with a private company.
An oil refinery in Punto Fijo, Venezuela, in 2021. Venezuela’s president, Delcy Rodríguez, said a U.S. oil deal would have a “significant impact on our nation’s revival.”
The Trump administration is preparing to revoke the visas of up to 200,000 foreigners who have applied for or are currently seeking asylum status in the United States.
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