US Secures Stake in Venezuela's Vast Oil Reserves in Historic Deal
US President Donald Trump announced a historic deal to give the United States a stake in Venezuela's vast oil reserves, claiming it will be 'the biggest oil deal in world history.'
The agreement, which has been met with skepticism by some experts and Venezuelan officials, would grant the US a 55% effective output of the new private company formed to develop Venezuela's untapped oil fields.
The deal involves 17 fields with proven potential for 65 billion barrels of oil, according to acting President Delcy Rodríguez. It is estimated that this could draw in US$100 billion in investment and yield over US$209 billion in taxes for Caracas.
However, experts warn that the dilapidated oil infrastructure in Venezuela will take years and billions of dollars to repair, making it unlikely that production will increase significantly anytime soon.