Trump’s Venezuela oil deal has seismic potential, but it’s an idea not a reality

The US has secured a deal to exploit Venezuela's vast oil reserves, which President Donald Trump described as "the biggest oil deal in world history." The agreement, according to Venezuelan interim president Delcy Rodriguez, will last 25 years and aims to increase the country's oil production to 1.5 million barrels per day. The deal involves US$100 billion in private investment to revitalize Venezuela's oil industry.

Rodriguez stated that the agreement will help revive the economy and boost government revenue, with the goal of turning Venezuela's oil wealth into real benefits for its people. The deal includes the development of 17 strategic oilfields and eight greenfield oil blocks. According to Rodriguez, the reserves will "cease to be an inert, cold statistic and will instead become concrete solutions" such as housing, jobs, and access to public services.

However, some Venezuelans have expressed doubts and concerns about the deal, citing a lack of transparency and the potential loss of sovereignty. Jesus Salazar, a 68-year-old security guard, said "We don't know who this will benefit – whether it's Venezuela or them (the United States)." The Malay Mail reported that a flood of social media comments also raised concerns about meager benefits and political costs.

Brief written by urgent.news from The Sydney Morning Herald, Malay Mail, Free Malaysia Today, Times of India, The Korea Times — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.