Venezuela state oil company Petróleos de Venezuela S.A. announced signing new contracts to supply crude oil and refined products for the U.S. market.

Venezuela's new administration is cutting deals, but there's a big reward available for a key figure.

Venezuela is home to large reserves of rare earths, gold and other valuable minerals that the Trump administration wants to exert more control over.

The US-backed reforms to Venezuela’s oil industry will “severely affect the sovereignty of the country,” critics said.

Following recent geopolitical shifts, international oil majors are now focusing on exploiting Venezuela's largely untouched natural gas reserves, which could be a faster path to energy development than its long-neglected oil industry.