Venezuela Defends Sovereignty Following Historic $200B US Oil Deal

Venezuela's interim president, Delcy Rodriguez, has stated that the nation is preserving its sovereignty following the announcement of a major agreement to transfer rights for billions of barrels of its oil to the United States.

Speaking in a televised address on Saturday, Rodriguez described the arrangement with Washington as a "historic" deal involving 65 billion barrels of Venezuelan oil over a 25-year period. She noted that the initiative will enable Venezuela to develop its energy sector while maintaining "ownership of and sovereignty" over its natural resources.

The project focuses on the development of 17 strategic oilfields, targeting an initial production of 1.5 million barrels per day. The comprehensive plan also incorporates the development of eight greenfield oil blocks to further expand the country's energy industry.

Under the terms of the agreement, Caracas will receive $19 from every barrel of oil produced and sold to the US, a financial arrangement that could generate more than $200bn annually for Venezuela, depending on fluctuating oil prices. Rodriguez emphasized that Venezuela retains ownership of its resources while utilizing foreign capital, technology, and operational expertise to revive a vital industry heavily damaged by sanctions.

US President Donald Trump announced on Friday that Washington would take partial control of Venezuela's extensive oil reserves, facilitating the rescue of the country's struggling energy infrastructure by foreign companies, including US firms. Reuters reported that Venezuelan officials are preparing to sign agreements next week granting new exploration and production rights to companies such as Chevron.

Caracas has faced intense pressure to comply with Washington's directives since January, following an incident in which US special forces abducted then-Venezuelan President Nicolas Maduro and transferred leadership to his vice president, Rodriguez.