Venezuelan Official Signs Agreement Affecting Oil Reserves

Why it matters locally: While California does not directly import crude oil from Venezuela, global oil supply agreements can influence international oil prices, which in turn affect gasoline costs for consumers and businesses in the state.

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Acting President Delcy Rodríguez signed an agreement last week. This agreement pertains to approximately one-fifth of Venezuela's oil reserves, which are the largest in the world. The agreement involves interests of the United States. Venezuelan oil reserves have been a subject of national discussion. The nation holds the largest proven oil reserves globally.