Venezuela’s interim President Delcy Rodriguez speaks during a press conference at the Generalisimo Francisco de Miranda Air Base in Caracas, July 2, 2026. (AFP Photo)
August 30, 2026 09:35 AM GMT+03:00
Venezuela’s interim leader Delcy Rodriguez said Saturday that the country retains ownership and sovereignty over its oil under a new agreement giving the U.S. significant access to Venezuelan reserves.
U.S. President Donald Trump said Washington would gain majority control over 65 billion barrels of Venezuela’s proven reserves under what he called “the biggest oil deal in world history.”
“One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” Rodriguez said.
Caracas says the deal includes $100 billion in private investment aimed at reviving the oil industry and turning underground reserves into economic benefits.
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Deal raises sovereignty concerns
The lack of detailed information has fueled concerns among Venezuelans over who will benefit from the agreement and whether it could weaken national sovereignty.
Venezuela has faced intense U.S. pressure since American forces ousted and captured longtime leader Nicolas Maduro in January. Washington allowed Rodriguez, his former vice president, to remain as interim leader on the condition that she follow U.S. demands.
The ruling party said it supports measures that prioritize national interests and help overcome years of sanctions and blockades, which it blames for Venezuela’s economic collapse.
US President Donald Trump clenches his fist after speaking at a campaign rally for US Senator Darline Graham at Myrtle Beach Convention Center in Myrtle Beach, South Carolina on August 21, 2026. (AFP Photo)
Oil output rises as sanctions ease
Rodriguez has opened parts of the oil and mining sectors to private and foreign investment, while Washington has eased sanctions on Venezuela’s oil industry.
Production rose 29.8% between January and July to 1.2 million barrels per day, still below the roughly 3 million barrels produced 25 years ago.
The new deal aims to restore output to that level, though engineer Oswaldo Felizzola said significant increases may take at least three or four years.
He said U.S. involvement could help guarantee investment because state-owned PDVSA lacks the funds to develop the fields alone.
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Government promises major tax revenue
Rodriguez has said the agreement could generate more than $204 billion in tax revenue, though she has not provided details.
Venezuela is still recovering from an 80% economic contraction between 2014 and 2021. The monthly minimum wage is about $0.16, while government subsidies can reach $240, compared with an estimated $730 needed for basic food for a family of five.
Analyst Elias Ferrer said extracting previously unused oil could generate royalties and profits, while former deputy energy minister Dolores Dobarro said the deal could provide an opportunity to revive Venezuela’s oil sector if implemented properly.
August 30, 2026 09:35 AM GMT+03:00