Several questions about the U.S. deal to develop vast Venezuelan oil reserves remain unanswered, and a rapid and large-scale increase in production is unlikely. But experts say increased exports from Venezuela "would compete directly with Canadian crude in the U.S. Gulf Coast market."

The U.S. struck a deal with Venezuela to get majority control of more than 65 billion barrels of oil reserves, Trump said in a social media post.

The President has sought American control over the South American nation's reserves since it deposed dictator Nicolas Maduro earlier this year in Operation Absolute Resolve.