Venezuela and US hail 'historic' oil deal which will last 25 years

The Venezuelan government said on Aug 29 that its energy agreement with the United States would remain in force for 25 years, target an increase in crude output to 1.5 million barrels per day and preserve Venezuela's sovereignty over its natural resources.

They hail the "historic" deal saying that it will transform its hydrocarbon reserves into resources to fund social and housing programmes while the US administration also said it will double American oil reserves and set Venezuela to achieve great prosperity.

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