Rodriguez assures Venezuela will retain 'sovereignty' in US oil deal

CARACAS

A pedestrian walks past a mural featuring oil wells in Caracas, Venezuela, Saturday, Aug 29, 2026, a day after President Donald Trump announced a deal giving the United States a stake in Venezuela’s oil reserves. (AP Photo)

Interim leader Delcy Rodriguez assured the public on Aug. 29 that Venezuela retains control of its oil under a new agreement that allows the United States significant access to it.

The United States will have majority control of 65 billion barrels of Venezuela's proven reserves in what President Donald Trump described on Aug. 28 as "the biggest oil deal in world history."

"One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources," Rodriguez said in a speech on state television.

The agreement with the United States aims to turn "cold, inert" resources underground to "a source of social and economic well-being for the people of Venezuela," she said.

Caracas says the deal involves $100 billion in private investment aimed at revitalizing the industry in a country with the world's largest proven oil reserves.

But a lack of transparency is raising concerns among Venezuelans, including supporters of the government. A flood of social media comments decried loss of sovereignty, meager benefits and political costs.

Venezuela's government has operated under intense pressure from the Trump administration since American forces ousted and captured long-time ruler Nicolas Maduro in January.

Washington allowed Rodriguez, his vice president, to stay on as interim leader so long as she toes Washington's line.

Venezuela's ruling party said on Aug. 29 it supports economic measures that "prioritize national interests and make it possible to overcome the impact of more than a decade of economic sanctions, unilateral coercive measures, and unjust blockades."

The party consistently blames U.S. sanctions for the collapse of Venezuela's economy.