Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves - CNBC
Trump announces deal with Venezuela to secure more than 65 billion barrels of oil reserves - CNBC
Source: CNBC
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DW NOTE
Venezuela has announced oil deals before. They never produce the barrels. The country's output peaked at 3.5 million barrels per day in 1998 and sits below 800,000 today — not because the reserves aren't there, but because PDVSA is a hollowed-out patronage machine that cannot maintain wells or pay contractors. With Hormuz closed and global supply down 4.3 million barrels per day, Trump needs actual production, not a press release about geology.