- Venezuelan interim President Delcy Rodríguez on Saturday provided details on her country’s new oil deal with the U.S., saying much of Venezuela’s oil reserves will be under U.S. control.
- Rodríguez explained the deal's premise: Venezuela contributes oil, industry, and worker experience, while the U.S. contributes capital and technology to recover and develop those assets.
- The deal establishes $19 per barrel going to Venezuela, generating an estimated $209 billion a year to the country, with a benchmark price of $65 per barrel that could fluctuate based on global prices.
- Rodríguez noted that Venezuela retains ownership and sovereignty over its resources while leveraging capital, technology, and operational expertise to recover a strategic industry severely affected by sanctions.
Venezuelan interim President Delcy Rodríguez detailed a landmark oil deal with the U.S. that will see much of the country’s reserves under American control. The 25-year project aims to develop 17 strategic oilfields with a production target exceeding 1.5 million barrels per day.1
Rodríguez described the agreement as historic, asserting it will revitalize Venezuela’s economy and boost government revenue. She emphasized that the deal is based on mutual contributions: Venezuela will provide oil and industry expertise, while the U.S. will supply capital and technology.
“The agreement is based on a very simple premise,” she stated. “Each party contributes what it does best.” In return, Venezuela expects production, jobs, infrastructure investment, and enhanced revenue.
The deal stipulates that Venezuela will receive $19 for each barrel sold to the U.S., potentially generating $209 billion annually. The benchmark price per barrel is set at $65, subject to global price fluctuations. Rodríguez noted that this figure represents about 21 percent of Venezuela’s total proven reserves, asserting that the country retains ownership of its resources while leveraging U.S. expertise.
Former President Trump praised the agreement, calling it “THE BIGGEST OIL DEAL IN WORLD HISTORY!” and highlighting that the U.S. secured control of over 65 billion barrels of proven oil reserves at no cost to taxpayers.
“The deal gives Venezuela $19 per barrel, generating an estimated $209 billion annually, with a benchmark price of $65 per barrel. Rodríguez stressed that Venezuela retains ownership and sovereignty over its resources while leveraging U.S. capital and technology to recover an industry hit by sanctions.”
