**Venezuela Asserts Sovereignty Over Oil Reserves Amid US Deal**
**By Rafael Salido**
**Published on 30/08/2026 - 20:40 GMT+2**
In a significant development for Venezuela's oil sector, acting President Delcy Rodríguez has reaffirmed the nation's sovereignty over its vast oil reserves, despite a newly announced agreement with the United States that grants Washington substantial access to these resources. Rodríguez made her remarks during a televised address on Saturday, emphasizing that the deal, while allowing US involvement, does not relinquish Venezuela's ownership of its natural resources.
Rodríguez stated, "One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources." This declaration comes in the wake of a controversial agreement announced by US President Donald Trump, which reportedly allows the US to control 65 billion barrels of Venezuela's oil reserves. The agreement also outlines plans for the development of 17 strategic oil fields, with anticipated investments exceeding $100 billion and potential tax revenues of over $209 billion for the Venezuelan government.
The primary goal of this initiative, according to Rodríguez, is to transform Venezuela's underground resources into a "source of social and economic well-being for the people of Venezuela." However, skepticism surrounds the deal, with critics raising concerns about the transparency of the agreement and questioning whether it will genuinely benefit the Venezuelan populace. Social media has been abuzz with discussions regarding the potential implications of the US's increased role in Venezuela's oil sector.
The deal emerges at a time when Venezuela has been grappling with a prolonged economic crisis, which has hindered its ability to attract foreign investment for its oil industry. Analysts have noted that the involvement of the US could serve as a "guarantor" for investments in the country, particularly given that Venezuela is home to the world's largest proven oil reserves. Oswaldo Felizzola, a professor at the Institute of Advanced Studies in Administration (IESA), remarked that without US involvement, the development of these oil fields might not occur for another decade or more. He pointed out that Venezuela's state-owned energy firm, Petróleos de Venezuela, lacks the necessary financial resources to undertake such extensive projects independently.
Recent data indicates a modest recovery in Venezuela's oil production, which increased by 29.8% between January and July of this year, reaching approximately 1.2 million barrels per day. However, this figure remains significantly lower than the nearly three million barrels per day recorded two decades ago. In response to the ongoing economic challenges, Rodríguez has initiated reforms in the mining and oil sectors aimed at attracting private and foreign capital. Concurrently, the US has eased sanctions on Venezuela's oil industry, potentially facilitating greater collaboration.
The US Secretary of State, Marco Rubio, expressed enthusiasm about the agreement, labeling it a "huge win for both the American and Venezuelan people." He praised the deal as a testament to President Trump's foreign policy approach, which he claims prioritizes securing stable energy supplies and lowering gas prices in the United States.
As Venezuela navigates this complex landscape, the implications of the US-Venezuela oil agreement will likely continue to unfold, drawing both domestic and international scrutiny. The government's commitment to maintaining sovereignty over its resources amidst foreign involvement will be a critical factor in shaping the future of Venezuela's oil industry and its broader economic recovery.