Venezuela-US oil pact renewable, PDVSA says; output target 1.5M bpd

PDVSA president states the 25-year Venezuela-US oil agreement is indefinitely renewable, allowing US exploitation of over 20% of Venezuelan reserves. The pact, involving PDVSA and NABEP with US government participation, aims to raise production to 1.5 million barrels per day. Details on implementation and current status remain unclear, but the deal signals deepening energy cooperation between the two countries.