Venezuela Claims Sovereignty After Striking Oil Deal with the US

Venezuela's interim President Delcy Rodriguez has stated that the nation is maintaining its sovereignty despite a recently announced agreement that will grant the United States rights to billions of barrels of Venezuelan oil.

Rodriguez described the deal, which spans 25 years and involves an estimated 65 billion barrels of Venezuelan crude, as "historic." She emphasized that the agreement will enable Venezuela to develop its oil industry while preserving the "ownership of and sovereignty" over its natural resources. She made these remarks during a televised address on Saturday.

The initiative is designed to develop 17 strategic oilfields, aiming for an initial production rate of 1.5 million barrels per day, according to Rodriguez.

Furthermore, the comprehensive plan includes the development of eight new oil blocks as part of a broader effort to expand the country's energy sector.

Under the terms of the deal, Venezuela will receive $19 for every barrel of oil produced and sold to the US. Rodriguez indicated that this arrangement could generate approximately $209 billion annually for Venezuela, contingent on prevailing oil prices.

"Venezuela will retain ownership of its natural resources while leveraging capital, technology, and operational expertise to support the recovery of a strategic industry that has been severely impacted by sanctions," she added.

Earlier on Friday, US President Donald Trump had announced plans for Washington to gain partial control over Venezuela's extensive oil reserves. This deal is expected to involve foreign companies, including those from the US, in revitalizing Venezuela's aging energy infrastructure.

Sources report that Venezuelan officials are preparing to finalize agreements next week, which will grant new oil exploration and production rights to several companies, notably including the US firm Chevron.

Venezuela has been under pressure to align with Washington's demands since January, following an incident where US special forces reportedly abducted then-Venezuelan President Nicolas Maduro and facilitated the assumption of leadership by his vice president, Rodriguez.