What we know about Trump's deal giving US access to vast oil reserves in Venezuela08/31/2026WASHINGTON (AP) — There's a lot that's not immediately clear about President Donald Trump's deal giving the United States a stake in Venezuela’s vast oil reserves. He's calling it the biggest oil deal ever. Venezuela’s acting president describes it as a step toward economic recovery that will modernize the country’s oil industry. No text of any agreement has been released. It's not publicly known how soon the reserves could be drilled and who will pay to make it happen. Experts have said Venezuela’s dilapidated oil infrastructure will take years and billions of dollars to repair. So a substantial boost in production isn't expected to come soon.