Venezuela’s interim leader, Delcy Rodríguez, has staunchly defended a contentious energy deal with the United States, asserting that Venezuela retains full ownership and sovereignty over its oil reserves. Rodríguez, who assumed leadership earlier this year following the removal of Maduro in a U.S.-led operation, addressed the criticisms that have arisen domestically, arguing against claims that she is relinquishing national resources to foreign control.
Rodríguez emphasized the potential economic benefits of the agreement, suggesting it could yield over $209 billion in revenue and reposition Venezuela as a key player in the global energy sector. She highlighted that the vast oil reserves beneath Venezuela’s soil are of little value without the necessary investment, technology, and infrastructure to harness them for economic development benefiting Venezuelan citizens.
The deal, reportedly hashed out in secret over several months, would provide the U.S. with significant control over Venezuela’s extensive crude oil reserves, which are the largest proven reserves globally, surpassing those of Saudi Arabia and Iran. According to Rodríguez, the agreement involves 17 strategic oilfields with an anticipated production target of more than 1.5 million barrels per day.
However, this announcement has sparked considerable backlash from both opposition figures and members within Rodríguez’s own political faction. Critics have labeled the deal as a resource grab, with a former state oil executive condemning it as a betrayal of national sovereignty, noting that Venezuela has never before transferred such a significant portion of its reserves. Protests erupted in Caracas, with demonstrators decrying what they perceive as foreign intervention, while social media users derisively suggested rebranding the national oil company.
This move represents a notable shift for Rodríguez and her political movement, which has traditionally resisted foreign control over Venezuela’s natural resources. Previously, Rodríguez herself had warned against such arrangements. Opposition leaders have voiced concerns that the deal could hinder progress towards restoring democratic elections in the country, with uncertainty lingering over when these might occur. Critics emphasize that any enduring economic benefits hinge on transparent governance and free elections, cautioning that the agreement might falter without a stable political foundation.