Venezuela’s interim leader, Delcy Rodriguez, has assured citizens that the country retains ownership and sovereignty over its oil resources under a new agreement granting the United States significant access to its reserves.
The deal gives the US majority control of 65 billion barrels of Venezuela’s proven oil reserves, which President Donald Trump described as “the biggest oil deal in world history.”
Rodriguez said the agreement was designed to attract about $100 billion in private investment to revive Venezuela’s oil industry and improve the country’s economy.
However, the deal has sparked concerns among some Venezuelans, with critics questioning its transparency and whether the agreement would primarily benefit Venezuela or the United States.
Venezuela’s oil production reportedly increased by 29.8 per cent between January and July to 1.2 million barrels per day, although this remains far below the three million barrels per day produced about 25 years ago.
The agreement aims to significantly increase production, but analysts say it could take several years before the impact is fully felt.
Rodriguez also projected more than $204 billion in tax revenue from the deal, although details of how the revenue would be generated were not provided.
Supporters of the agreement argue that increased foreign investment could help revive Venezuela’s oil sector, attract much-needed capital and accelerate economic recovery after years of sanctions and economic decline.
