United States and Venezuela Announce Oil Reserves Agreement

Why it matters locally: While the immediate local impact is indirect, changes in global oil markets stemming from this agreement could eventually influence fuel prices for Rhode Island consumers and businesses, particularly those reliant on transportation and energy.

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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.