President Donald Trump has announced an oil agreement with Venezuela that could give the United States access to a stake in 17 Venezuelan oil fields holding an estimated 65 billion barrels of crude. The deal is being framed as a significant energy-security gain for Washington, though officials caution that American drivers are unlikely to see any impact on fuel prices in the short term.

Venezuela holds more than 300 billion barrels of crude reserves, around 20% of the world's total and more than Saudi Arabia, yet political instability and crumbling infrastructure mean it currently produces only about 1% of global oil despite sitting on roughly 17% of known reserves. Venezuela's heavy crude is well suited to Gulf Coast refineries, which were built to process such grades, and a steadier supply could diversify US imports, cushion against disruptions and help refill the Strategic Petroleum Reserve, still short of its 714 million-barrel capacity — a concern heightened by the Iran conflict disrupting shipments through the Strait of Hormuz. US petrol prices stood at about $4.07 a gallon on Sunday, up from roughly $3.19 a year earlier, and any relief will depend on how quickly Venezuela can actually ramp up production.