Oil Deal

The US President announced a move that will pour billions into developing vast oil reserves, but economists at the Swiss banking giant are cooling the enthusiasm and warning of the real consequences for the market.

Following Donald Trump's announcement, the figures behind the deal are revealed: 19 dollars from every barrel will flow into the local treasury. Interim President Delcy Rodriguez clarified: "The sovereignty remains with us."

The US President announced that Washington and Caracas signed an agreement that will grant Americans, according to him, control over most of the more than 65 billion barrels of proven oil reserves in Venezuela. Trump claimed that the deal will more than double US oil reserves and lead to a significant decrease in fuel prices.