**Venezuela’s Interim President Addresses New US Oil Deal**
In a significant development regarding Venezuela's oil resources, acting President Delcy Rodriguez announced on Saturday that the country has entered into a new agreement with the United States. This deal reportedly grants Washington substantial access to Venezuela's proven crude reserves while maintaining the nation's ownership and sovereignty over its resources.
The agreement, described as a "historic" 25-year deal, focuses on the development of 17 strategic oil fields that contain approximately 65 billion barrels of proven crude reserves. Rodriguez emphasized that while the deal involves collaboration with the US, Venezuela retains control over its oil assets. She stated, “Something must be made absolutely clear: Venezuela retains ownership and sovereignty over its resources while using capital, technology and operational capacity to support the recovery of a strategic industry that has been severely affected by sanctions.”
Earlier in the week, US President Donald Trump claimed that the deal would allow the US to secure “majority” control over Venezuela’s oil reserves "at no cost to the American taxpayer." In a post on his social media platform, Truth Social, Trump referred to the transaction as “THE BIGGEST OIL DEAL IN WORLD HISTORY,” asserting that it “MORE THAN DOUBLES American Oil Reserves.”
According to data from the US Energy Information Administration, the United States currently possesses around 46 billion barrels of proved crude oil and lease condensate reserves. The addition of Venezuela’s reserves would increase the total to over 111 billion barrels under some form of US control, although it is important to note that Venezuelan crude would not be classified as part of US domestic reserves.
This agreement follows a series of actions that have expanded US influence over Venezuela's oil wealth, including a military operation on January 3 that resulted in the abduction of Venezuelan President Nicolas Maduro. Following this operation, Trump indicated that the US would oversee a political transition in Venezuela and hinted at the possibility of further military action if the interim government did not comply with US directives.
In addition to the oil deal, the US government has announced plans to take “indefinite” control of Venezuelan oil sales and revenues. Trump has mandated that proceeds from Venezuelan crude be deposited into US Treasury accounts, where they would be subject to American restrictions.
The recent agreement has sparked debate regarding Venezuela's sovereignty, with criticism emerging from various quarters, including some figures typically aligned with pro-Western opposition. Former Planning Minister Ricardo Hausmann labeled the deal “unconstitutional,” arguing that Rodriguez’s interim government lacks the authority to relinquish long-term control of the country’s oil resources. Similarly, former Vice President Elias Jaua accused the US of undermining Venezuela's sovereignty and taking control of its natural wealth.
In the context of these developments, reports have surfaced suggesting that Venezuela is contemplating a departure from the Organization of the Petroleum Exporting Countries (OPEC), of which it has been a founding member for over 60 years. This potential move reflects the shifting dynamics in Venezuela's oil industry and its relationship with global oil markets.
Additionally, recent reports indicated that approximately 31 tons of Venezuelan gold, valued at around $4 billion and held at the Bank of England, could be released for reconstruction efforts following a June earthquake, potentially under US Treasury control. Earlier this year, sources cited by the Wall Street Journal suggested that the White House had encouraged American investors to explore Venezuela's gold and critical mineral reserves, which could enhance US supplies and provide leverage over the resource-rich nation.
As Venezuela navigates these complex geopolitical waters, the implications of this new oil deal and the broader relationship with the United States remain to be seen. The unfolding situation will likely continue to attract attention both domestically and internationally as stakeholders assess the impact on Venezuela's economy and its sovereignty over natural resources.