Trump Says Venezuelan Oil Will Lower Gas Prices. Analysts Disagree.

Key Points:

• Experts express skepticism about the immediate impact of the US-Venezuela oil deal on lowering fuel prices, emphasizing that Venezuela's vast oil reserves require significant investment and time to develop.
• Petroleum analyst Patrick De Haan and oil market researcher Rory Johnston highlight that the 65 billion barrels of Venezuelan oil are underground reserves, not readily available for market supply, making quick price relief unlikely.
• Economist Tracy Shuchart notes Venezuela's current production is around 1.2 million barrels per day, mainly from existing wells, and that new production to affect US pump prices could take 5 to 15 years.
• Amena Bakr from Kpler stresses that substantial and sustained investment is necessary to boost Venezuela's oil output beyond 1.5 million barrels per day, reinforcing the long timeline before increased supply impacts global markets.
• Venezuela’s interim President Delcy Rodríguez announced plans to develop 17 oilfields aiming for over 1.5 million barrels per day, but experts caution this goal will require years of infrastructure development.