Venezuela signed several agreements with US-based firms on Thursday to boost national oil and gas production, marking a significant shift in diplomatic and economic relations following the US-led deposition of leftist leader Nicolas Maduro.

The South American nation, which possesses the world’s largest proven oil reserves, is currently led by interim president Delcy Rodriguez.

Under heavy pressure from Washington, Rodriguez is cooperating to meet President Donald Trump’s demands for access to Venezuela's vast energy supplies.

Rodriguez, who served as Maduro’s vice president until his capture by US forces during a raid in January, is now tasked with reviving a collapsed economy.

The move to increase Venezuelan output arrives as global markets struggle with Middle East supply disruptions caused by the conflict in Iran, which has driven international oil prices upward.

Under the new deals, US companies Hunt Overseas Oil Company and Crossover Energy will begin operations in the Orinoco Belt, the primary concentration of the country's oil wealth.

During the signing ceremony, Rodriguez stated that the agreements represent a point "where the interests of the United States and Venezuela come together."

Addressing the US delegation, she added, "Please convey to President Trump, who is a man of action... that we have pledged our word to build solid foundations for long-term relations between the United States and Venezuela."

These deals follow a series of reforms aimed at liberalizing Venezuela's energy sector, which have already seen agreements signed with other multinationals including Chevron, Eni, and Repsol.

The ceremony was attended by US envoy Jarrod Agen, who arrived in Caracas as the two nations officially resumed direct air travel after a seven-year hiatus.

Starting this week, American Airlines subsidiary Envoy Air and Venezuela’s Laser Airlines will begin operating flights between Caracas and Miami, further signaling the thawing of bilateral ties.

Source: AFP