'Venezuela owns its oil'

Delcy Rodriguez, acting president of Venezuela, affirmed on Saturday that the nation retains control over its oil reserves through a new agreement with the United States. President Donald Trump hailed the deal as "the biggest oil deal in world history," with the U.S. gaining majority control of Venezuela's proven 65 billion barrels of oil reserves.

Rodriguez emphasized during a televised speech that Venezuela holds ownership and sovereignty over its resources. The agreement aims to transform Venezuela's "cold, inert" oil reserves into a source of social and economic prosperity for its people. According to Caracas, the deal involves $100 billion in private investment to revitalize the oil industry in Venezuela, which boasts the world's largest proven oil reserves.

However, the lack of transparency surrounding the deal has sparked concerns among Venezuelans, including government supporters. Many are questioning who stands to benefit from the arrangement. Jesus Salazar, a security guard, expressed doubts, stating, "We don't know who this will benefit — whether it's Venezuela or (the U.S.)."

Venezuela's government has faced intense pressure from the Trump administration since U.S. forces removed and detained longtime leader Nicolas Maduro in January. The U.S. has allowed Rodriguez to remain as interim leader as long as she aligns with Washington's objectives. The ruling party has vowed to support economic measures that prioritize national interests and enable the country to overcome the impact of over a decade of economic sanctions, coercive measures, and unjust blockades. The party consistently blames U.S. sanctions for Venezuela's economic collapse.

Since coming to power, Rodriguez has implemented reforms in Venezuela's mining and petroleum sectors, opening previously tightly controlled areas to private capital and foreign investment. Meanwhile, Washington has eased sanctions imposed on the country's oil sector under the Maduro administration. Oil production in Venezuela has risen by 29.8% between January and July, reaching 1.2 million barrels per day (bpd).

While this represents a significant increase, it is still far below the three million bpd produced a quarter of a century ago. The U.S.-Venezuela deal aims to restore production to those levels, but experts agree it would take three to four years to achieve this.