Venezuela says retains 'sovereignty' in US oil deal

CARACAS: Interim Venezuelan leader Delcy Rodriguez has declared that her nation retains full sovereignty over its oil reserves despite a new agreement permitting the United States significant access to them. The accord, touted as the "biggest oil deal in world history" by President Donald Trump, grants the US majority control of Venezuela's 65 billion barrels of proven reserves.

Rodriguez asserted on state television that Venezuela maintains ownership and sovereignty over its resources, emphasizing the deal's aim to transform the country's "cold, inert" oil reserves into a source of social and economic well-being for its people.

The agreement envisions $100 billion in private investment to revitalize Venezuela's oil industry, a country renowned for the world's largest proven oil reserves. However, concerns over transparency and potential ramifications have been raised among Venezuelans, including government supporters. The public's skepticism is palpable, with many questioning whether the country or the US stands to gain more from the deal.

Venezuela's interim leader noted the deal's potential to address the nation's economic woes, a result of more than a decade of US sanctions, unilateral coercive measures, and unjust blockades. The ruling party has endorsed economic measures prioritizing national interests to overcome these challenges. While oil production has surged by 29.8% since January, analysts predict it will take several years before the benefits of the new deal are felt by the Venezuelan populace.