Amidst rising criticism at home, Venezuela’s interim president, Delcy Rodríguez, has come forward to defend a contentious energy pact with the United States. Rodríguez, who assumed office earlier this year following the ousting of Maduro in a U.S.-led operation, emphasized that Venezuela maintains ownership and sovereignty over its vast oil reserves. In a national address, she aimed to quell accusations of ceding national resources to Washington, outlining the agreement’s potential to yield over $209 billion and elevate Venezuela as a significant energy producer. She stressed the necessity of investment, technology, and infrastructure to turn the country’s extensive oil reserves into tangible economic advancements for its citizens.
The agreement, reportedly finalized in secrecy over several months, grants the U.S. control over a significant portion of Venezuela’s crude reserves—known to be the largest in the world, surpassing those of Saudi Arabia and Iran. Rodríguez revealed that the deal targets 17 key oilfields with an ambitious production goal surpassing 1.5 million barrels per day. However, this announcement has sparked a wave of backlash, not only from opposition parties but also from within Rodríguez’s own political ranks. Detractors have described the agreement as a blatant resource seizure, with a former state oil executive labeling it a betrayal of Venezuela’s sovereignty, noting that no such transfer of reserves has ever occurred in the nation’s history.
Public reaction has been fervent, with demonstrators taking to the streets of Caracas to protest what they see as foreign intrusion. On social media, critics have ridiculed the agreement, suggesting a rebranding of the national oil company. This development marks a notable shift for Rodríguez and her political movement, which has traditionally stood against foreign control of Venezuela’s natural wealth. Rodríguez herself has previously made public statements cautioning against precisely such arrangements.
Opposition leaders have voiced apprehensions that the deal could jeopardize efforts to reinstate democratic elections in Venezuela, a nation where questions linger about when future votes might occur. Critics argue that for the agreement to deliver lasting economic benefits, it must be rooted in transparent governance and free elections. Without such safeguards, they warn, the deal risks being built on an unstable foundation.