Venezuela’s Delcy Rodríguez says oil deal with Trump has ‘endless’ benefits

Venezuela's acting president, Delcy Rodríguez, has vigorously defended a controversial oil deal with the United States, asserting that the agreement will yield "endless" benefits for her country despite widespread criticism.

Rodríguez, who assumed leadership in January following the U.S.-backed removal of President Nicolás Maduro, announced the deal on national television Saturday, framing it as a pivotal step toward economic development and energy dominance. The agreement, described by former U.S. President Donald Trump as "the biggest oil deal in world history," grants Washington control over an estimated 65 billion barrels of Venezuela’s vast oil reserves—the largest in the world.

During a nationally televised address, Rodríguez emphasized that Venezuela would retain ownership of its resources while benefiting from U.S. investment, technology, and infrastructure upgrades. She projected revenues exceeding $209 billion (£154 billion) and positioned the deal as essential for transforming Venezuela into a global energy leader. "Having resources underground isn’t enough," she stated. "We need investment, technology, infrastructure, and production capacity to convert this wealth into wellbeing for our people."

Trump, who played a key role in brokering the deal through the Pentagon’s Office of Strategic Capital, hailed it as a historic transaction that would more than double U.S. oil reserves. On Truth Social, he claimed the agreement would help replenish America’s depleted Strategic Petroleum Reserve and described it as "a gift from Venezuela to the people of the United States." Earlier threats from Trump, who warned Rodríguez of severe consequences if she resisted, underscore the high-stakes nature of the negotiations.

But the deal has drawn sharp backlash from both Venezuela’s opposition and factions within Chavismo, the socialist movement founded by the late Hugo Chávez. Critics, including former PDVSA executive Rafael Ramírez, condemned the agreement as a "neocolonial land grab," accusing Rodríguez of surrendering national sovereignty. Protesters in Caracas marched under banners reading, "We are neither a colony, nor a backyard," while social media users mocked the state oil company PDVSA by proposing it be renamed "PDUSA."

Opposition leader Juan Pablo Guanipa warned that the deal risks undermining Venezuela’s democratic recovery, stating that true long-term economic revival depends on free elections and transparent institutions. Rodríguez, however, deflected questions about elections, offering only vague assurances of a future vote. Trump has also suggested Venezuela is "not really ready" for elections, further complicating prospects for democratic restoration.

The agreement involves strategic oilfields capable of producing over 1.5 million barrels per day and includes participation from Alejandro Betancourt, a UK-based businessman serving as an intermediary between Washington and Caracas. With Venezuela’s oil sector already grappling with years of decline under Maduro’s rule, critics argue the deal could entrench authoritarian control rather than foster development.

Rodríguez, whose father was a Marxist guerrilla, has a history of denouncing U.S. "imperialism," making her defense of the deal particularly striking. Her shift reflects a dramatic reversal in policy for a government long opposed to foreign oil concessions.

As the agreement moves forward, debate continues over whether it will stabilize Venezuela’s economy or further erode its sovereignty.

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