Venezuela defends 25-year oil agreement with United States

Venezuela's interim President Delcy Rodríguez addressed the nation on Saturday evening to defend an energy agreement with the United States, stating that the deal would remain in force for twenty-five years, raise crude output to 1.5 million barrels per day, and generate more than 209 billion dollars in revenue throughout its duration. According to her office, the agreement covers the development of seventeen oil fields containing proven reserves of 65 billion barrels and is projected to attract approximately 100 billion dollars in investment into the country's struggling oil sector. President Donald Trump announced that the United States had secured an agreement granting it control over Venezuela's 65 billion barrels of reserves, indicating that some of this oil would be used to replenish the US Strategic Petroleum Reserve. Rodríguez countered these assertions, insisting that Venezuela retains full sovereignty over its resources despite the arrangement. She characterised the agreement as a historic opportunity that would revitalise the country's economy. Nevertheless, the deal has generated significant controversy within Venezuela. Both hardliners within the government and opposition figures have criticised Rodríguez's decision, arguing that she has granted the United States exclusive access to the nation's most valuable resource. Some opposition leaders have pointed out that they were not consulted prior to the agreement. Venezuela had long publicly committed to preventing foreign powers from controlling its oil, which underscores the political sensitivity surrounding this announcement. The agreement emerged following months of pressure from the United States on Caracas, beginning after Rodríguez assumed the role of interim president following Nicolás Maduro's capture by US forces earlier this year.