Delcy Rodríguez, Venezuela’s interim president, has staunchly defended a contentious energy agreement with the United States, assuring that the nation preserves its ownership and sovereignty over its oil reserves. This defense comes amidst strong domestic criticism following her ascent to power after Nicolás Maduro’s removal in a U.S.-backed operation earlier this year. In a national address, Rodríguez aimed to dispel accusations of relinquishing national assets to Washington, emphasizing the potential economic benefits of the deal which she claims could generate over $209 billion in revenue and position Venezuela as a leading energy producer.
Rodríguez highlighted the necessity of foreign investment, technology, and infrastructure to transform Venezuela’s vast underground oil reserves into tangible economic growth for its citizens. The agreement, reportedly negotiated covertly over several months, would grant the U.S. significant control over a substantial portion of Venezuela’s crude reserves – the largest proven reserves globally, surpassing those of Saudi Arabia and Iran. According to Rodríguez, the deal involves 17 strategic oilfields with a production goal exceeding 1.5 million barrels per day.
The announcement has sparked a strong backlash from both opposition figures and members of Rodríguez’s own political faction. Detractors have labeled the agreement a resource grab, with a former state oil executive condemning it as a betrayal of national sovereignty, noting that such a transfer of reserves is unprecedented in Venezuela’s history. Protests erupted in Caracas, with demonstrators decrying what they view as foreign encroachment, while social media users ridiculed the agreement by suggesting a rebranding of the state oil company.
This development signifies a remarkable shift for Rodríguez and her political movement, traditionally opposed to foreign influence over Venezuela’s natural resources. Rodríguez herself has previously issued public warnings against entering into such arrangements. Meanwhile, opposition leaders have voiced concerns that the deal might jeopardize efforts to reinstate democratic elections in the country, with uncertainty lingering around the timing of any future vote. Critics contend that sustainable economic benefits hinge on transparent governance and free elections, cautioning that without these, the agreement could rest on shaky ground.