Several independent U.S. oil producers are expected to sign production contracts with Venezuela’s state-run oil company in the coming days, according to three industry representatives familiar with the plans — a step forward for the Trump administration’s efforts to boost production in the beleaguered South American nation.

A signing ceremony involving several smaller U.S. producers and the Petróleos de Venezuela had been set for Tuesday evening in Houston, according to the people, who were granted anonymity because details of the event have not been made public. Venezuela’s oil minister is scheduled to attend, as is the head of exploration for PDVSA, one of the people said. The ceremony could be pushed back until Wednesday morning, another of the people added.

The White House, which did not immediately respond to a request for comment, is not expected to be formally involved with Tuesday’s ceremony, but it comes after top administration officials traveled to Caracas in late April to secure memorandums of understanding that laid the groundwork for formal production deals in the country that holds some of the world’s largest oil reserves.

It marks a sign of progress after the Trump administration’s effort to push new oil development in Venezuela, which began after the U.S. raid that captured former leader Nicolás Maduro in January, had slowed in recent months. Despite a boost from higher crude prices, negotiations have bogged down around key details like dispute resolution, while authorities in Caracas dealt with a devastating pair of June earthquakes that killed thousands.

Venezuela’s interim president Delcy Rodríguez last month unveiled new regulations offering more favorable fiscal terms to international oil companies.

The signings come after the Trump administration renewed pressure on Rodríguez to have PDVSA sign contracts with American companies, an industry source familiar with the negotiations. Those efforts included outreach from Secretary of State Marco Rubio to discuss how increased oil revenue could help the country after a devastating earthquake earlier this summer, this person said.

“There’s a renewed acknowledgement from Delcy that increased oil production is the pathway to rebuilding after the earthquakes and accomplishing what her government wants to do for the people who are suffering because of the earthquakes,” this person said.

David Goldwyn, head of the international energy consulting firm Goldwyn Global Strategies, said investment from independent oil producers and expanded production from existing fields are likely to be Venezuela’s “primary source of new oil growth for the next couple of years.”

“While the supermajors bide their time until they see how the politics sort out, and whether they can cherry pick the best assets, independents can derisk their projects in a short period of time,” Goldwyn said.

But those investments are only likely to add up to 300,000 barrels a day to the country’s oil production over the next year, far from the increase of millions of barrels the authorities in Caracas and Washington would like to see, Goldwyn said.

“Incremental production is all we will see until the framework improves, electricity is restored, and the political picture becomes clearer,” he said.

The brutally hot summer is set to cost the EU economy €180 billion this year — that’s equivalent to roughly 1 percent of GDP, which is all the growth the bloc was expected to generate in 2026, according to new analysis.

France could lose 1.4 percentage points of growth, which is enough to push its economy into a 0.6 percent contraction, while an 0.8-point hit could almost wipe out the Netherlands’ expected expansion.

“The result is not simply ‘the hottest countries lose the most,'” notes the analysis by Triodos Bank. “Spain and Italy have the highest physical exposure and the most hot days in absolute terms, but decades of acclimatisation imply that the marginal effect of any single hot day is comparatively small.”

The biggest drag is expected to come from people struggling to work in extreme heat. Triodos estimates lost labor productivity alone could shave around 0.6 percent off EU GDP, while agricultural output could fall by between 3 and 7 percent.

“At first sight this might seem modest, but it is exactly the expected economic growth for the EU this year,” said the bank of the overall €180 billion blow.

And the summer is not over. France and Britain are bracing for their fifth heat wave of the season this week, with temperatures nearing 40 degrees Celsius in southeastern France and 36 degrees forecast in the U.K.

The bill is already mounting beyond GDP. POLITICO estimated at least 14,000 excess deaths across the six hardest-hit European countries during the record-breaking heat wave from mid-June to early July.

Drought has also hammered Europe’s energy system: Low water levels in the Danube in recent weeks have forced sharp cuts at Hungary’s Paks nuclear plant and pushed Romania to blast apart a rock to divert water toward its last operating reactor. Vessels on the Rhine and Danube have had to sail only partially loaded.

In Austria, meanwhile, drought has caused an estimated €1 billion in agricultural losses, according to Austrian Hail Insurance, after some regions received more than 75 percent less rain than normal since mid-June.

Triodos warned against treating this summer as a freak event, saying extreme heat “might become structural” as the planet warms. But governments can soften the damage through irrigation, insulation, cooling and shifting working hours, said the bank.

“Every year adaptation without mitigation is a year borrowed against a hotter baseline.”