Delcy Rodríguez, Venezuela’s interim president, has staunchly defended a contentious energy deal with the United States, emphasizing that Venezuela maintains ownership and sovereignty over its oil reserves. Since assuming power after Nicolás Maduro’s removal in a US-led operation earlier this year, Rodríguez has faced intense criticism domestically. In a national address, she refuted claims that the agreement was a surrender of national resources to Washington, highlighting the potential benefits, including the possibility of generating over $209 billion in revenue and elevating Venezuela as a major energy producer.
The agreement, which was reportedly negotiated in secret over several months, grants the United States control over a significant portion of Venezuela’s crude oil reserves. These reserves are the largest proven in the world, surpassing those of Saudi Arabia and Iran. Rodríguez stated that the deal involves 17 strategic oilfields with the goal of producing over 1.5 million barrels per day. She argued that without the necessary investment, technology, and infrastructure, the vast underground reserves would not translate into meaningful economic development for Venezuelan citizens.
The announcement has sparked a wave of backlash from both opposition figures and members of Rodríguez’s political movement. Critics have labeled the deal a resource grab, with a former state oil executive denouncing it as a betrayal of national sovereignty. They pointed out that such a significant transfer of reserves is unprecedented in Venezuela’s history. Protests erupted in Caracas, with demonstrators decrying what they perceive as foreign encroachment, while social media users satirized the deal by suggesting a rebranding of the state oil company.
This agreement signifies a dramatic shift for Rodríguez and her political movement, which has historically opposed foreign control over Venezuela’s natural resources. Rodríguez herself has previously issued public statements warning against agreements similar to the one currently under scrutiny. Opposition leaders have raised concerns that the deal could jeopardize efforts to restore democratic elections in Venezuela, as questions linger about when a future vote might occur. They argue that the long-term economic benefits of the agreement hinge on transparent governance and free elections, warning that without these elements, the deal could rest on an unstable foundation.