Venezuela interim president defends oil deal with US amid domestic backlash

Venezuela’s interim president, Delcy Rodríguez, has vigorously defended her government’s controversial energy agreement with the United States, asserting that the nation will retain full ownership and sovereignty over its vast oil reserves. Rodríguez addressed the public via a television broadcast on Saturday, seeking to quell growing domestic outrage over the pact, which has been described by US President Donald Trump as the largest oil deal in world history. The interim leader insisted that the arrangement is essential for transforming the country’s subterranean wealth into tangible economic development and national well-being.

Rodríguez, who assumed power in January following the abduction of President Nicolás Maduro by US special forces, framed the deal as a necessary step to unlock the potential of Venezuela’s resources. She stated that while the country possesses the world’s largest proven crude oil reserves, mere possession is insufficient without the investment, technology, and infrastructure required for production. The interim president claimed the agreement would generate revenues exceeding $209bn and help establish Venezuela as a global energy powerhouse. She argued that keeping reserves underground without converting them into development serves no purpose for the Venezuelan people.

President Trump announced the transaction on Friday, characterising it as a historic event that more than doubles American oil reserves while guiding Venezuela toward prosperity. He further stated on his Truth Social platform that a portion of the Venezuelan oil would be used to replenish the US Strategic National Reserves, which he described as having been emptied under the previous administration. Trump referred to this process as a gift from Venezuela to the American people. However, the agreement has drawn sharp criticism from within Venezuela, with opponents labelling it a neocolonial land grab that surrenders national assets to a foreign power.

The backlash has been significant, extending beyond the political opposition to include figures within the Chavismo movement. Rafael Ramírez, the former head of the state-owned oil company PDVSA, accused Rodríguez’s administration of betraying the nation by handing over 65bn barrels of reserves to the United States. He described the move as unprecedented in Venezuelan history. In Caracas, dozens of left-wing protesters marched with banners demanding the departure of American influence, while social media users mocked the deal by suggesting the state oil company should be renamed to reflect US control. One prominent opposition figure, speaking anonymously, condemned the agreement as a massive land grab by a rapacious United States.

Despite the criticism, Rodríguez maintained that the deal involves 17 strategic oilfields where production could exceed 1.5m barrels per day. She thanked Trump and US Secretary of State Marco Rubio for the agreement but reiterated that Venezuela retains sovereignty over its resources. This stance represents a stark reversal from the anti-imperialist rhetoric previously associated with the political movement inherited from Hugo Chávez. In a 2024 speech, Rodríguez had accused the opposition of seeking to surrender the country’s oil, gas, and gold reserves to Washington. She had also warned of the Pentagon’s strategic objective to obtain Venezuelan reserves.

The agreement reportedly involves the Pentagon’s Office of Strategic Capital and a private company owned by Alejandro Betancourt, a UK-based tycoon who has acted as an intermediary. Opposition politicians fear the deal will undermine efforts to restore democracy and hold fresh presidential elections. Juan Pablo Guanipa, the opposition leader, argued that the only way to ensure the agreement benefits both parties is through a free election that leads to a representative government and the rule of law. He warned that without such political reforms, the energy deal would be structurally unsound, comparing it to a skyscraper built on pillars of clay.