Venezuela’s interim leader, Delcy Rodriguez, says the country retains ownership and sovereignty over its oil resources under a new agreement giving the United States significant access to its oil industry.
Rodriguez made the statement Saturday after U.S. President Donald Trump described the agreement as the “biggest oil deal in world history,” involving majority U.S. control of Venezuela’s 65 billion barrels of proven oil reserves.
She said the deal includes about $100 billion in private investment aimed at revitalizing Venezuela’s oil industry and turning its resources into a source of economic and social development.
However, the agreement has sparked concerns among some Venezuelans, with critics questioning its transparency, benefits to the country and potential impact on national sovereignty.
The deal comes as the Trump administration eases sanctions on Venezuela’s oil sector and Washington seeks to revive production in the country, which has the world’s largest proven oil reserves.
Venezuela’s oil production rose nearly 30 percent between January and July to about 1.2 million barrels per day, but analysts say restoring production to previous levels could take several years.
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