Trump says Iran deal 'isn't worth the paper it's written on'

The United States and Venezuela have signed a historic oil production agreement aimed at securing American access to vast reserves previously controlled by Chinese and Russian companies. The deal, announced by US President Donald Trump and interim Venezuelan President Delcy Rodriguez, is a strategic move to address energy concerns exacerbated by the ongoing war in Iran.

US Energy Secretary Chris Wright is set to travel to Venezuela to sign the agreement, which will enable Chevron to expand its operations and increase production capacity in the country. The US could utilize Venezuelan oil supplies to replenish its strategic reserves or generate revenue.

The deal grants a US-backed venture, North American Blue Energy Partners, control over 65 billion barrels of proven reserves and preferential access to produce 17 Venezuelan oilfields under 100-year concessions. Energy Secretary Chris Wright highlighted the potential impact on American energy prices, stating, "It's going to ultimately - prices are going to come down."

This development comes at a crucial time for the Trump administration, as efforts to end the Iran conflict have been stymied, leading to higher energy prices and domestic political concerns over rising costs. The agreement also follows the US withdrawal from its strategic oil reserves due to disruptions in shipping through the Strait of Hormuz.

Venezuelan President Delcy Rodriguez praised the agreement as a significant step toward reviving the nation's oil production, although she gave conflicting information on its duration, claiming it would last 25 years. The agreement has drawn criticism from US Senator Chris Van Hollen, who called it a "grab" of Venezuelan oil that would benefit private companies.

As the Trump administration prepares for the upcoming midterm elections, with voters concerned about economic issues and the unpopular war, the energy deal could be seen as a politically advantageous move.