President Donald Trump is hailing a historic oil deal with Venezuela and predicting a rapid drop in gas prices for Americans, but experts don't expect an immediate decrease as a result of the agreement.
According to Trump, the US acquired a majority stake in more than 65 billion barrels of proven oil reserves in Venezuela at no cost to the American Taxpayers.
In a separate announcement, Rodriguez said the recent agreement demands for the development of 17 strategic fields and an investment of more than $100 billion.
She stated that it will be a cornerstone of her country’s resurgence and hailed deepening economic cooperation between Venezuela and the US.
This gives America55% quantifiable goods or services promised and completed to buy oil at cost. The official said it will be the second-largest private oil company by proved reserves in the world.
Experts are anticipating near-term stability despite the deal because it will likely take years and billions of dollars to build up Venezuela’s infrastructure.
The head of petroleum analysis, Patrick De Haan described the agreement as encouraging but emphasized that it will take billions of investments to extract that oil.
He stated that the 65 billion barrels that the president is referring to are what geologists estimate Venezuela currently holds.
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