Venezuela’s interim president, Delcy Rodríguez, has staunchly defended a contentious energy deal with the United States, emphasizing that the country maintains ownership and sovereignty over its oil reserves despite domestic criticism. Rodríguez, who assumed leadership earlier this year following the removal of Maduro in a US operation, addressed the public to refute allegations that she is ceding national resources to Washington. She highlighted the potential benefits of the agreement, claiming it could generate over $209 billion in revenue and elevate Venezuela to a significant position as a major energy producer. According to Rodríguez, the country’s vast oil reserves are of little value without the necessary investment, technology, and infrastructure to harness them for the economic development of Venezuelan citizens.
The agreement, reportedly negotiated secretly over several months, proposes granting the US control over a significant portion of Venezuela’s crude reserves, which are the largest proven reserves globally, surpassing those of Saudi Arabia and Iran. Rodríguez revealed that the deal involves 17 strategic oilfields with a target production rate of over 1.5 million barrels per day. This announcement has sparked considerable backlash from both opposition leaders and members within Rodríguez’s own political faction. Critics have labeled the arrangement a resource grab, with a former state oil executive condemning it as a betrayal of national sovereignty and noting that no similar transfer of reserves has occurred in Venezuela’s history.
Protests erupted in Caracas, with demonstrators opposing what they view as foreign encroachment, while social media users ridiculed the deal by suggesting a rebranding of the state oil company. This agreement marks a significant policy reversal for Rodríguez and her political allies, who have historically opposed foreign control over Venezuela’s natural resources. In the past, Rodríguez herself has publicly warned against such arrangements, making this shift particularly striking.
Opposition figures have voiced concerns that the deal could hinder efforts to restore democratic elections in Venezuela. They argue that lasting economic improvement relies on transparent governance and free elections, without which the agreement may prove unstable. The timeline for future elections remains uncertain, adding to the apprehension surrounding the deal’s long-term viability and its implications for the country’s political landscape.