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Venezuelan Official Justifies US Oil Agreement Despite Local Economic Criticism

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Venezuela’s interim president, Delcy Rodríguez, has staunchly defended an energy pact with the United States, emphasizing that Venezuela maintains control and sovereignty over its oil reserves amidst intense domestic criticism. Rodríguez, who assumed office earlier this year following the removal of Maduro in a US-led operation, addressed the nation to rebut claims suggesting she was compromising national resources to the US. She highlighted the agreement’s potential to generate over $209 billion in revenue, thereby transforming Venezuela into a significant player in the energy sector. According to Rodríguez, the country’s abundant oil reserves are of little value without the necessary investment, technology, and infrastructure to turn them into tangible economic development for Venezuelans.

The deal, which reportedly was negotiated in secrecy over several months, grants the US a significant stake in Venezuela’s crude reserves, which are the largest proven reserves globally, surpassing those of Saudi Arabia and Iran. Rodríguez noted that the agreement involves 17 strategic oilfields with a production target of over 1.5 million barrels per day. The announcement has sparked considerable backlash from opposition leaders and some members within Rodríguez’s political circle. Critics have labeled the deal as a ‘resource grab,’ with a former state oil executive describing it as a betrayal of national sovereignty, noting that such a transfer of reserves is unprecedented in Venezuela’s history. Meanwhile, protests erupted in Caracas with demonstrators condemning what they see as foreign encroachment, while social media users derided the agreement by suggesting a rebranding of the state oil company.

This development signifies a notable shift for Rodríguez and her political allies, who have historically opposed foreign control over the nation’s natural resources. Rodríguez herself had previously warned against agreements of this nature in past public statements. The opposition has voiced concerns that the deal could jeopardize efforts to re-establish democratic elections in Venezuela, with lingering uncertainty about when the next vote might occur. Critics argue that achieving sustainable economic benefits hinges on transparent governance and free elections, without which the agreement risks being built on an unstable foundation.

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