The United States will take control of the majority of Venezuela’s confirmed reserves of 65 billion barrels in a deal that U.S. President Donald Trump described on Friday as “the largest oil deal in world history.”
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“One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” D. Rodriguez said on state television.
According to her, the agreement with the U.S. aims to turn “cold, inert” underground resources into “a source of social and economic well-being for the people of Venezuela.”
According to Caracas, the deal includes $100 billion (86 billion euros) in private investments aimed at reviving the industry in a country with the largest confirmed oil reserves in the world.
However, the lack of transparency raises concerns among Venezuelans, including government supporters. Comments condemning the loss of sovereignty, little benefit, and political losses have flooded social networks.
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“We don’t know who this will benefit – Venezuela or (the United States),” said 68-year-old security guard Jesus Salazar.
“I have doubts, but we will have to wait and see what happens,” he said.
The Venezuelan government has been working under heavy pressure from the Trump administration since January, when U.S. forces removed and imprisoned the country’s longtime leader Nicolas Maduro.
Washington allowed D. Rodriguez, his former vice president, to continue serving as interim leader as long as she follows Washington’s directives.
Venezuela’s ruling party said on Saturday that it supports economic measures that “prioritize national interests and allow overcoming the effects of more than a decade of economic sanctions, unilateral coercive measures, and unjust blockades.”
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The party constantly blames U.S. sanctions for Venezuela’s economic collapse.
