Trump Announces 'Biggest Oil Deal in World History' in Venezuela

US President Donald Trump has announced a deal giving America access to vast oil reserves in Venezuela. The agreement, touted as 'THE BIGGEST OIL DEAL IN WORLD HISTORY', was made between the US government and an unnamed private operator in Venezuela.

The deal gives the US a 55% effective output of the new company, including an ownership stake and rights to buy oil at cost. American purchases of the oil will go toward the US strategic oil reserves along with the military, according to a US official who was not authorized to discuss the matter publicly and spoke on the condition of anonymity.

The agreement involves the development of 17 fields with a proven potential of 65 billion barrels. It is estimated that the deal could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.

However, experts have warned that Venezuela's dilapidated oil infrastructure will take years and billions of dollars to repair. A substantial boost in production is not expected to happen quickly, with some predicting it could take many years to deploy the necessary capital and produce incremental results.