Trump's Venezuela Oil Deal Raises Questions About $100 Billion Impact
President Trump has positioned a new U.S.-backed venture in Venezuela as a way to increase oil production, lower gasoline prices, and replenish crude reserves. The deal involves access to 65 billion barrels of Venezuelan oil across 17 fields. However, the plan's effectiveness remains uncertain, particularly regarding its ability to deliver results during Trump’s term or at all. The move came after frustration with private companies like ExxonMobil (XOM) and ConocoPhillips (COP), which were not accelerating production in Venezuela quickly enough from the administration’s perspective. The U.S.-controlled venture aims to provide greater confidence for producers to invest further in development.
