US-Venezuela Oil Deal Faces Significant Challenges Ahead

The US-Venezuela oil deal announced by President Donald Trump aims to double US oil reserves and lower fuel prices for Americans.

The agreement grants 100-year concessions to develop 17 oil fields in Venezuela, estimated to hold 65 billion barrels of oil, to a joint venture between the US government and North American Blue Energy Partners.

To put this into perspective, the total amount of extracted crude oil currently stored in the US is just 1% of that indicated quantity from Venezuelan oil fields.