Trump's Venezuelan Oil Deal Hailed as 'Biggest in History'
US President Donald Trump announced a major oil deal with Venezuela on Friday night, calling it 'THE BIGGEST OIL DEAL IN WORLD HISTORY.' The agreement aims to give the US access to Venezuela's vast oil reserves, which are estimated at 65 billion barrels. Under the terms of the deal, a new private company will be formed that will have rights to untapped oil fields for 100 years.
The US government and an unnamed private operator in Venezuela will form this new company, with the US holding a 55% effective output stake. This includes both an ownership stake and the right to buy oil at cost. The agreement is expected to draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.
Venezuela's acting president, Delcy Rodríguez, hailed the deal as a step toward economic recovery that will modernize the country's oil industry. However, experts have warned that repairing Venezuela's dilapidated oil infrastructure will take years and billions of dollars.