Venezuela says it retains ‘sovereignty’ following US oil deal

What the report says

Venezuela’s interim president, Delcy Rodriguez, said the country will keep “ownership” and sovereignty over its oil resources despite a new long-term energy arrangement with the United States. According to Al Jazeera, the deal covers rights to 65 billion barrels of Venezuelan oil over 25 years and is intended to let Venezuela expand production while bringing in foreign capital, technology and operating expertise.

Rodriguez said the plan includes development of 17 strategic oilfields, an initial output goal of 1.5 million barrels a day, and eight additional greenfield blocks. She said Caracas will receive $19 from every barrel sold to the US, a figure she said could translate into more than $200bn a year depending on oil prices. The agreement is framed by Venezuelan officials as a way to revive an energy sector that has been weakened by sanctions and years of underinvestment.

The announcement followed remarks by US President Donald Trump that Washington would take partial control of Venezuela’s oil reserves and that foreign companies, including US firms, would help rebuild the country’s infrastructure. Al Jazeera also reported that Venezuela is preparing to sign further exploration and production agreements next week, including with Chevron. The deal matters because it could reshape Venezuela’s oil industry, deepen US involvement in the sector and raise questions about how much control Caracas is actually retaining over its resources.