Venezuela’s interim president Delcy Rodríguez has publicly defended an energy agreement between her government and the Trump administration, characterizing it as beneficial for the nation’s development. Speaking on television, she stated that the arrangement would enable Venezuela to convert its vast underground oil reserves into economic gains, projecting revenues exceeding $209 billion and positioning the country as an energy powerhouse. Rodríguez emphasized that Venezuela maintains ownership and sovereignty over its resources, while acknowledging the need for external investment and technology to exploit its reserves effectively.
The Trump administration announced the deal on Friday, describing it as historically significant. According to reports, the agreement would grant Washington control over approximately 65 billion barrels of Venezuelan crude, drawn from 17 strategic oilfields with potential daily production exceeding 1.5 million barrels. Venezuela possesses the world’s largest proven crude reserves at an estimated 303 billion barrels. Details of the arrangement emerged following months of confidential negotiations and reportedly involve the Pentagon’s Office of Strategic Capital as well as a private company led by Alejandro Betancourt, a UK-based businessman serving as an intermediary.
The agreement has generated significant controversy within Venezuela. Opposition figures characterized it as a “massive land grab” by the United States. Rafael Ramírez, former head of Venezuela’s state oil company PDVSA, described the transaction as “neocolonial” and stated that ceding 65 billion barrels of reserves represented an unprecedented action in Venezuelan history. Demonstrations took place in Caracas, with protesters carrying signs objecting to foreign control of national resources.
The deal represents a notable reversal for Rodríguez and Venezuela’s socialist movement, which historically opposed foreign control of national energy resources. In previous statements, Rodríguez had accused the opposition of attempting to surrender Venezuela’s resources to Washington. Opposition politicians have expressed concern that the agreement may impede efforts to restore democratic governance and conduct presidential elections, noting that transparent resource management under representative institutions would be essential for the arrangement to benefit the nation long-term.
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