According to Iranian media Fars News, the largest oil supply gap in history has emerged due to the blockade of the Strait of Hormuz, and US fuel prices are hitting new highs. US polls also indicate that the Republican Party may suffer defeat in the midterm elections. Against this backdrop, Trump's move to launch an oil project with Venezuela is intended to control market sentiment in the energy sector. He claims that the historic agreement with Venezuela will more than double US oil reserves and bring long-term and significant reductions in fuel prices for all Americans. However, the US-Venezuela oil contract will only generate 63 billion barrels of heavy crude oil over 100 years;
This figure, converted to daily production, is less than half of Iran's current daily output and only 8% of crude oil exports under normal conditions of passage through the Strait of Hormuz.
