The United States is moving to secure much greater access to Venezuelan oil, with the Trump administration arguing that the deal could eventually help bring down fuel prices for American consumers. The agreement involves access to oil reserves estimated at around 65 billion barrels and plans for major investment to increase Venezuela's production.
However, cheaper petrol is unlikely to come quickly. Venezuela's oil industry has suffered from years of underinvestment, ageing infrastructure and damaged facilities. Analysts say billions of dollars and several years of work would be needed before production increases significantly.
There is another major issue: Venezuelan oil is mostly heavy crude, which requires specialised refineries. Although some US Gulf Coast refineries are well suited to process it, increasing production and getting the oil to market will take time.
For American drivers, the biggest factors affecting fuel prices right now are broader global oil supplies and geopolitical disruptions. In particular, tensions around the Strait of Hormuz have a much larger immediate impact on global oil markets than Venezuelan production.
So, could the deal eventually lower US fuel prices? Yes, potentially. But not immediately. Analysts generally expect any meaningful effect to take years rather than weeks or months.