United States and Venezuela Announce Oil Reserves Agreement

Why it matters locally: While the direct impact on Michigan's economy is not immediately clear, changes in global oil supply and pricing can indirectly affect energy costs for residents and industries 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.