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Trump said – prices will come down, but the time is not fixed

Trump said that due to the oil agreement with Venezuela, American consumers may benefit from lower prices in the future. When he was asked how fast the prices would fall, he said that it was not possible to give any definite estimate. He even said that even if it takes two years for the prices to come down, according to him it would not be considered a long time. This statement of Trump has come at a time when there is increased pressure on global oil supply due to the ongoing war with Iran.

Venezuela plans to develop 17 oil fields

According to the Delcy Rodríguez government of Venezuela, the agreement is to the development of 17 oil fields in the country. It is claimed that there is a proven oil capacity of about 65 billion barrels in these areas. Under the agreement, a major investment of about 100 billion dollars is expected in the Venezuelan oil industry. This is likely to boost the country’s oil production and infrastructure.

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Agreement reached amid rising fuel prices

The Trump administration is under pressure to control the rising prices of petrol and diesel in America. In such a situation, the oil agreement with Venezuela is being seen as an important step for the American energy market. Trump has been continuously indicating that having more oil available can help in bringing down fuel prices. However, prices in the oil market depend not only on production but also on global demand, supply and geopolitical conditions.

Iran war increases pressure on oil supply

The ongoing war with Iran has increased concerns about global oil supply. Especially due to supply disruption in the Strait of Hormuz, there has been increased pressure on oil prices in the international market. Before the war, about 20 percent of the world’s petroleum supply passed through this important sea route. In such a situation, the oil agreement with Venezuela is also being considered a part of the strategy to increase alternative supplies for America.