Venezuela Vows to Retain Sovereign Control of Oil Reserves Amid US Deal

Published on 30/08/2026 – 20:40 GMT+2

Acting President Delcy Rodríguez announced on Saturday that Venezuela will retain sovereign control over its oil resources, even as a new agreement with the United States grants Washington substantial access to the nation’s reserves.

“One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” Rodríguez said in a speech broadcast on state television.

Under the agreement, announced by US President Donald Trump on Friday, the United States will gain control over 65 billion barrels of Venezuela’s oil reserves.

Rodríguez said the deal also mandates the development of 17 strategic fields and is expected to generate more than $100 billion in investment and over $209 billion in tax revenue for the state.

He said the objective is to transform Venezuela’s underground resources into a source of social and economic well‑being for its citizens.

Nevertheless, critics have raised concerns about the lack of transparency in the agreement and question whether it will genuinely benefit Venezuelans.

The deal follows more than a decade of difficulty attracting investment amid a deep economic crisis.

Some analysts have welcomed the United States’ role as a guarantor for investments in Venezuela, which holds the world’s largest proven oil reserves.

Felizzola noted that without this arrangement, the fields would not be developed over the next decade or so, adding that the state‑owned oil company Petróleos de Venezuela lacks the financial capacity to do so.

Oil production rose 29.8% from January to July, reaching 1.2 million barrels per day, though it is still far below the 3 million barrels per day recorded 25 years ago.

Rodríguez has enacted reforms in the mining and oil sectors to attract private and foreign capital, while the United States has eased sanctions on Venezuela’s oil industry.

US Secretary of State Marco Rubio posted on X, calling the agreement a “huge win for both the American and Venezuelan people.”

He added that it shows President Trump’s bold foreign policy delivering “America First” wins by securing stable reserves and low‑cost oil in the hemisphere and helping lower domestic gasoline prices.

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