US Access to Venezuelan Oil Not Expected to Impact Market in Short TermPhoto by Alex Dos Santos on Pexels
BusinessSetúbal

US Access to Venezuelan Oil Not Expected to Impact Market in Short Term

cbn29 August 2026 at 20:16

President of the United States Donald Trump announced an agreement that grants American access to over 65 billion barrels of oil in Venezuela's reserves. The agreement was negotiated with the country's interim president, Delcy Rodríguez, and was announced on Friday (28).

According to Trump, the pact could attract up to $100 billion in private investments to Venezuela. The Caribbean country has the largest known oil reserves in the world, estimated at about 303 billion barrels.

According to experts, the impact on gasoline prices in the short term remains uncertain. The construction and modernization of the infrastructure needed to produce, transport, and refine Venezuelan heavy oil could take a long time, which means the agreement is not expected to produce immediate effects on the world market.

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