What we know about Trump’s deal giving US access to vast oil reserves in Venezuela

President Donald Trump announced a monumental oil deal in Venezuela on Friday night, claiming it to be "THE BIGGEST OIL DEAL IN WORLD HISTORY." However, the White House has provided little information about the agreement thus far.

The deal grants the United States a 55% stake in the development of 17 untapped oil fields, which are estimated to contain 65 billion barrels of proven reserves. The agreement could potentially generate over $209 billion in taxes for Venezuela and invest $100 billion into the country's oil industry.

The private company formed to oversee the deal is slated to operate for a century. The U.S. government and an unnamed Venezuelan private operator are jointly involved in this arrangement. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and acting Venezuelan President Delcy Rodríguez were reportedly involved in the negotiations.

The deal aims to lower gas prices for Americans, a key goal for Trump as the Iran war affects global oil shipping and keeps prices high ahead of the U.S. elections. However, experts have cautioned that Venezuela's oil infrastructure is in poor condition and it will take years and billions of dollars to improve it.

Venezuela's acting president, Delcy Rodríguez, sees the deal as a step towards economic recovery. She stated that it will modernize the country's oil industry. However, critics argue that it is a betrayal of Venezuelan resources, which they claim should benefit the country and its people, not foreign entities. Some Venezuelans have expressed their displeasure, calling it an illegitimate deal and questioning the legitimacy of those involved in its creation.