Venezuela’s interim leader, Delcy Rodríguez, has staunchly defended a contentious energy deal with the United States, asserting that the nation retains full control and sovereignty over its oil reserves. This comes amid intense criticism domestically, where opponents accuse her of capitulating to Washington. Rodríguez, who assumed office earlier this year following the removal of Maduro in a US operation, addressed the public to highlight the pact’s potential benefits, estimating it could generate more than $209 billion in revenue and elevate Venezuela to a leading energy producer. She emphasized that without necessary investment, technology, and infrastructure, the country’s vast underground oil resources would remain untapped, hindering economic growth for Venezuelans.
The agreement, reportedly negotiated in secrecy over several months, involves granting the US substantial control over Venezuela’s crude reserves, which are the largest proven reserves globally, surpassing those of Saudi Arabia and Iran. Rodríguez revealed that the deal encompasses 17 strategic oilfields, aiming for a production target of over 1.5 million barrels per day. This arrangement has stirred significant opposition from within Rodríguez’s political faction and other critics, labeling it as a seizure of resources. A former state oil executive described the deal as a betrayal of national sovereignty, noting that Venezuela has never before transferred its reserves in such a manner. Protests erupted in Caracas, with demonstrators condemning what they see as foreign encroachment, while social media buzzed with suggestions to rebrand the state oil company.
This development marks a dramatic shift for Rodríguez and her political allies, who have long opposed foreign domination of Venezuela’s natural resources. Rodríguez’s earlier public remarks warned against precisely such agreements. The backlash is further fueled by opposition leaders who fear the deal might derail efforts to restore democratic elections in the country. They argue that sustainable economic progress relies on transparent governance and free, fair elections, cautioning that without these, the agreement may rest on a fragile foundation.