Venezuela’s interim president, Delcy Rodriguez, says the country is preserving its sovereignty. This comes after a deal to hand over billions of barrels of oil to the United States. The agreement lasts 25 years. It allows Venezuela to develop its oil industry while keeping “ownership of and sovereignty” over its resources, Rodriguez said on Saturday.
The project will develop 17 strategic oilfields. Initial production targets are 1.5 million barrels per day. The plan also includes eight new oil blocks. These are part of a wider energy sector expansion.
Under the deal, $19 from every barrel sold to the US will go to Caracas. This could be worth $209 billion per year, depending on oil prices. Rodriguez said Venezuela will keep ownership of its resources. It will use foreign capital, technology, and expertise to revive an industry hit hard by sanctions.
On Friday, President Donald Trump announced plans for Washington to take partial control of Venezuela’s oil reserves. The deal would let foreign companies, including US ones, repair Venezuela’s damaged energy infrastructure. Venezuelan officials are set to sign agreements next week. These will grant new exploration and production rights to several companies, including Chevron.
Caracas has faced pressure to comply with Washington’s demands since January. That was when US special forces abducted then-President Nicolas Maduro. They handed leadership to his vice president, Rodriguez.
Reference
Al Jazeera, “Venezuela says it retains ‘sovereignty’ following US oil deal,” published August 30, 2026. https://www.aljazeera.com/news/2026/8/30/venezuela-says-it-retains-sovereignty-following-us-oil-deal