Venezuela says it will retain ‘sovereignty’ over its oil reserves despite US deal
Venezuela Asserts Full Control Over Oil Reserves Amid Landmark US Energy Pact
Poinews.com – A sweeping energy agreement between Caracas and Washington has reshaped the geopolitical landscape of South America's oil sector, yet Venezuela's acting president insisted on Saturday that the nation's ultimate authority over its subsoil wealth remains untouched. The pact, unveiled by US President Donald Trump on Friday, grants American companies substantial operational access to what is the largest proven oil reserve on Earth — while simultaneously triggering a wave of domestic debate about transparency and national benefit.
Sovereignty language
Acting President Delcy Rodríguez addressed the nation through a state-television broadcast, making clear that the commercial arrangement does not dilute Caracas's legal claim to its hydrocarbon assets. The emphasis on sovereign control reflects a long-standing sensitivity in Venezuelan politics, where oil revenues have historically been framed as the patrimony of the people. Previous administrations, from Hugo Chávez's nationalization of foreign oil firms in 2007 to subsequent state consolidation under Petróleos de Venezuela (PDVSA), reinforced the notion that no external actor could claim stewardship over the country's black gold.
"One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources."
What the agreement actually covers
Under the framework announced by Trump, Washington will assume operational control over an estimated 65 billion barrels of Venezuelan crude reserves. Rodríguez described additional components of the arrangement, noting that it "calls for the development of 17 strategic fields" and projects investment exceeding $100 billion, with projected state tax receipts surpassing $209 billion.
"More than $100 billion, and more than $209 billion in taxes for the state."
Rodríguez framed the objective in social terms, stating the goal is to convert Venezuela's buried hydrocarbons into a "source of social and economic well-being for the people of Venezuela."
A decade of isolation and crisis
The deal arrives after more than ten years during which Venezuela struggled to draw meaningful foreign capital into its energy sector. A deep economic contraction, hyperinflation episodes, and a tightening web of US sanctions had effectively locked most international investors out of the country's fields. Production, which once peaked near three million barrels per day roughly a quarter-century ago, had fallen sharply before recent recovery efforts.
Between January and July of the current year, however, output climbed by 29.8 percent to reach 1.2 million barrels daily — a meaningful rebound, though still far below historical highs. Rodríguez has pushed through legislative reforms in both the mining and petroleum sectors designed to open doors for private and foreign capital, while Washington has eased several sanctions measures targeting Venezuela's oil industry.
Analysts weigh in
Several economists and energy scholars have viewed the American role as a necessary credibility anchor. Oswaldo Felizzola, a professor at the Institute of Advanced Studies in Administration (IESA) in Caracas, told AFP that without a guarantor of this stature, the targeted fields would likely remain untapped for another decade or more.
"Without this, these fields would not be developed over the next 10 or 15 years."
He added that PDVSA, the state-owned energy company, simply lacks the financial capacity to fund such large-scale development on its own.
Washington's framing
US Secretary of State Marco Rubio took to the social platform X to characterize the pact as a "huge win for both the American and Venezuelan people."
"It demonstrates how President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home."
The rhetoric underscores how the agreement is being positioned domestically in the United States as both a strategic energy-security measure and a consumer-price benefit, linking hemispheric reserve access directly to domestic
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