United States and Venezuela Announce Oil Reserves Agreement

Why it matters locally: While Colorado does not have significant ties to Venezuelan oil production, changes in global oil markets, such as those potentially influenced by this agreement, could indirectly affect fuel prices and the state's energy sector.

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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.