Venezuela’s interim president, Delcy Rodríguez, has staunchly defended a contentious energy deal with the United States, emphasizing that Venezuela maintains control and sovereignty over its vast oil reserves despite facing severe domestic criticism. Rodríguez, who assumed leadership earlier this year following the removal of Maduro in a U.S.-led operation, addressed the nation to counter claims that she was compromising Venezuela’s national resources in favor of Washington’s interests.
Rodríguez highlighted the significant potential benefits of the agreement, stating it could bring in over $209 billion in revenue and position Venezuela as a leading energy producer. She argued that without the necessary investment, technology, and infrastructure, the country’s extensive underground oil reserves would remain untapped and unable to contribute to the economic development of its citizens. The deal, reportedly finalized after months of secret negotiations, grants the U.S. control over a significant portion of Venezuela’s crude 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 a production goal exceeding 1.5 million barrels per day.
The announcement has sparked a wave of backlash from both political opponents and members within Rodríguez’s own party. Critics have labeled the agreement a “resource grab,” with a former state oil executive describing it as a betrayal of Venezuela’s national sovereignty, noting that such a transfer of reserves is unprecedented in the country’s history. In response, protestors have taken to the streets of Caracas, denouncing what they perceive as foreign intrusion, while social media users have ridiculed the deal, suggesting a rebranding of the nation’s state oil company.
This development marks a significant shift for Rodríguez and her political faction, which has traditionally opposed foreign dominance over Venezuela’s natural resources. Rodríguez herself has previously publicly warned against similar arrangements. Opposition leaders have voiced concerns that this deal may impede efforts to reestablish democratic elections in Venezuela, with uncertainties lingering about when future voting might occur. Critics argue that meaningful economic benefits are contingent upon transparent governance and free elections, cautioning that without these, the agreement may rest on shaky ground.