Venezuelan Interim Leader Defends Massive Oil Agreement With US

Venezuela's interim president, Delcy Rodríguez, has publicly defended a controversial energy agreement with the United States, asserting that her country will maintain complete ownership and sovereignty over its oil reserves. Rodríguez addressed the nation during a six-minute television broadcast on Saturday to counter growing domestic criticism surrounding the deal, which US President Donald Trump has described as the largest oil transaction in history.

The agreement reportedly grants Washington control over 65 billion barrels of Venezuelan crude. According to Rodríguez, the deal encompasses 17 strategic oilfields, with an objective to produce more than 1.5 million barrels daily. She stated the arrangement would generate over $209 billion (£154 billion) in revenue, boost the domestic economy, and convert the nation's underground resources into tangible public development. Venezuela holds the world's largest proven crude oil reserves, estimated at 303 billion barrels.

US Perspective and Background

Trump announced the transaction on Friday, claiming it would more than double American oil reserves. On Sunday, Trump noted on Truth Social that Venezuelan oil would be utilized to replenish the US Strategic National Reserve. Rodríguez assumed the interim presidency in January after Trump ordered a US special forces raid in Caracas that resulted in the capture of President Nicolás Maduro. Following the operation, Trump publicly warned Rodríguez that she would face severe consequences if she failed to cooperate with US directives.

The arrangement was finalized following months of undisclosed negotiations and reportedly involves the Pentagon's Office of Strategic Capital alongside a private firm owned by UK-based businessman Alejandro Betancourt.

Domestic Backlash and Political Reaction

The deal has sparked widespread opposition across Venezuela's political spectrum, drawing condemnation from both opposition figures and members of the ruling Chavismo movement. Former PDVSA head Rafael Ramírez publicly accused the administration of surrendering national reserves to the US. Meanwhile, protesters gathered in Caracas on Saturday carrying anti-imperialist banners to voice their disapproval.

Opposition leaders have also expressed concern that the arrangement will hinder the restoration of democratic processes. Opposition figure Juan Pablo Guanipa argued that long-term economic reactivation requires free elections, a representative government, and institutional transparency. Addressing questions regarding future presidential elections, Rodríguez stated vaguely that a vote would occur "some day," while Trump has remarked that Venezuela is not currently prepared for elections.