Venezuela Politics

President Donald Trump says his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country’s untapped oil reserves, at cost. Trump said in a social media post Friday that the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s acting President Delcy Rodríguez. The president calls it "THE BIGGEST OIL DEAL IN WORLD HISTORY!” Rodríguez’s government says the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It says it could draw $100 billion in investment into Venezuela’s oil industry,

There's a lot that's not immediately clear about President Donald Trump's deal giving the United States a stake in Venezuela’s vast oil reserves. He's calling it the biggest oil deal ever. Venezuela’s acting president describes it as a step toward economic recovery that will modernize the country’s oil industry. No text of any agreement has been released. It's not publicly known how soon the reserves could be drilled and who will pay to make it happen. Experts have said Venezuela’s dilapidated oil infrastructure will take years and billions of dollars to repair. So a substantial boost in production isn't expected to come soon.