United States and Venezuela Announce Oil Reserves Agreement

Why it matters locally: While New Mexico is not a direct participant in this agreement, shifts in global oil supplies and pricing, such as those potentially influenced by this deal, can indirectly affect the state's significant oil and gas industry and its related economic sectors.

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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.