Venezuela is hoping a major new agreement with the United States can transform its vast oil wealth into economic recovery, jobs and better public services.

The deal marks a significant expansion of the US role in Venezuela’s oil industry, with Washington seeking to revive production and secure additional crude supplies for American refineries. Venezuela, which holds the world’s largest proven oil reserves, has seen its production remain far below its potential after years of sanctions, underinvestment and mismanagement.

Venezuelan officials say the agreement could generate major revenue for housing, healthcare, schools, roads, electricity, water infrastructure and earthquake reconstruction. The government also says foreign companies will provide capital, technology and expertise while Venezuela retains ownership of its oil resources.

But ordinary Venezuelans remain cautious. Many say they have heard promises before and want to see oil revenues translated into better wages, functioning public services, infrastructure and direct improvements to everyday life.

Venezuela-US Oil Deal: Can Trump’s Energy Push Revive Venezuela’s Economy?

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Venezuela-US Oil Deal: Can Trump’s Energy Push Revive Venezuela’s Economy?