The U.S. has struck a deal with Venezuela to develop a major portion of its oil reserves, marking a potential shift in energy strategy. However, extracting the oil could face major challenges, including technical and logistical obstacles. The agreement, announced by the president, aims to tap into vast untapped resources but raises questions about feasibility. Experts warn that years of underinvestment and political instability may complicate efforts to bring the oil to market.
President Trump announced last week that the U.S. would team up with a Venezuelan company to pump oil from a large swath of the South American nation's reserves — but actually getting that petroleum out of the ground could come with significant hurdles. Announcing the agreement with Venezuela, Trump said Friday evening it would “substantially...
