US-Venezuela oil deal aims to boost supply amid rising fuel costs

A new oil agreement between the United States and Venezuela is expected to impact global fuel markets. US President Donald Trump announced a deal that grants access to 17 major oil fields in Venezuela, a move that could potentially double the amount of oil available to the United States.

Despite this potential increase in supply, fuel prices in certain regions, such as Slovakia, have continued to rise even as global Brent crude prices declined. Experts attribute this paradox to record-high refinery margins and a lack of global refining capacity. While crude oil is available, refineries are operating at near-maximum capacity, leaving little room to compensate for outages.

Geopolitical factors are also influencing the market. Ukrainian drone strikes on Russian refineries and Russia's own fuel export restrictions have tightened the supply of finished products like diesel, contributing to higher costs for consumers.