Trump’s ‘biggest oil deal in history’: What we know

President Donald Trump announced what he described as "THE BIGGEST OIL DEAL IN WORLD HISTORY" with Venezuela on Friday night, claiming it would give the United States a significant stake in the South American country's oil reserves. The agreement involves a new private company formed by the U.S. government and an unnamed Venezuelan operator, which would be granted rights to 17 untapped oil fields with a potential of 65 billion barrels.

The deal could result in over $209 billion in taxes for Venezuela and draw $100 billion in investment. However, the specifics of when drilling could begin and who would pay for infrastructure improvements remain unclear. Acting Venezuelan President Delcy Rodríguez called the deal a step toward economic recovery, while some Venezuelans expressed outrage over what they saw as a betrayal of their country's resources.

Experts warned that the deal is unlikely to significantly impact gas prices in the short term due to Venezuela's outdated oil infrastructure.