Trump Touts 'Biggest Oil Deal in History' with Venezuela

US President Donald Trump announced what he called 'the biggest oil deal in history' on Friday, claiming it will give the US access to Venezuela's vast oil reserves. The deal was made with Venezuela's Acting President, Delcy Rodríguez, who said it would help revive her country and retain ownership over its resources.

The agreement grants the US 55% effective output of a new private company that has been given rights to untapped oil fields for 100 years. This includes an ownership stake and the right to buy oil at cost, with the US getting 65 billion barrels of proven reserves at no cost to taxpayers.

Venezuela's Acting President, Delcy Rodríguez, said the deal would generate about $291 billion in revenue for her country based on a benchmark oil price of $65 per barrel. She emphasized that Venezuela retains sovereignty over its natural resources and that the deal is a 25-year bilateral project with a production target of more than 1.5 million barrels per day.

However, experts warn that it will take years and billions of dollars to repair Venezuela's dilapidated oil infrastructure, making a substantial boost in production unlikely in the short term. The average price of petrol in the US stood about $4.08 a gallon on Saturday, according to AAA.