Venezuelan interim President Delcy Rodríguez on Saturday disclosed the specifics of the nation's new oil agreement with the United States, following President Trump's declaration that the deal places a significant portion of Venezuela's oil reserves under "majority U.S. control."
In a late-night address on state broadcaster VTV, Rodríguez described the 25-year bilateral project as encompassing 17 strategic oilfields with a production goal exceeding 1.5 million barrels per day. She emphasized that this figure applies solely to the US-Venezuela agreement.
Rodríguez hailed the pact as "historic," asserting it would revitalize Venezuela's economy and boost government revenues. She explained the arrangement's fundamental principle: each side contributes its strengths. Venezuela brings its oil, industry, and a century of worker expertise, while the US provides the capital and technology necessary to restore and develop these assets.
In return, Rodríguez said Venezuela gains production, employment, infrastructure investment, higher state income, and productive ties for domestic industry. The deal allocates $19 per barrel to Venezuela for oil sold to the US, projecting an estimated $209 billion annually for the South American nation. The benchmark price is set at $65 per barrel, subject to global market fluctuations.
Rodríguez stressed that Venezuela retains ownership and sovereignty over its natural resources while leveraging foreign capital, technology, and operational expertise to recover a sector heavily impacted by sanctions. Her remarks came a day after Trump touted the agreement on Truth Social as "THE BIGGEST OIL DEAL IN WORLD HISTORY," claiming the US secured majority control of over 65 billion barrels of proven reserves at no cost to American taxpayers.
According to a US official cited by The Hill, Rodríguez granted a joint venture between the US government and a private operator in Venezuela 100-year concessions for oil fields containing 63 billion barrels of proven reserves. The deal follows the US capture of Venezuelan President Nicolás Maduro in January and comes amid rising energy prices due to the conflict with Iran, which has disrupted oil exports through the Strait of Hormuz.
Senator Chris Van Hollen (D-Md.) joined other Senate Democrats in criticizing the deal, calling it "not a win." He accused Trump of risking service members' lives to secure Venezuelan oil for wealthy allies, calling it a "gross dereliction of his constitutional duty."
The agreement has also drawn scrutiny regarding its implications for global oil transit and regional security, as well as its potential impact on US diplomatic efforts in the Middle East.
