United States and Venezuela Announce Oil Reserves Agreement

Why it matters locally: While not directly impacting New York's primary industries, shifts in global oil supply and pricing, as could result from this agreement, can affect fuel costs for consumers and businesses across the state.

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WASHINGTON D.C. — The United States and Venezuela announced an agreement on Friday to develop a portion of Venezuela's oil reserves. The agreement stipulates a U.S. stake in a majority share of these reserves. Energy analysts reviewed the agreement. They expressed skepticism regarding its potential outcomes. A pedestrian walked past a mural depicting oil wells in Caracas, Venezuela, on Saturday, following the announcement.