Venezuela's interim government signed a controversial 25-year energy agreement with the United States that grants American companies control over more than 65 billion barrels of Venezuelan oil reserves—nearly a fifth of the country's proven reserves and almost as much as the entire proven reserves of the United States.

Interim President Delcy Rodríguez defended the accord in a late-night address Saturday as a "historic" deal that would help revive Venezuela's economy and boost government revenue. The agreement, announced Friday by President Donald Trump and formalized over the weekend, targets increasing Venezuela's crude output to 1.5 million barrels per day and will remain in force for a quarter-century.

The deal has provoked outrage within Venezuela, where opposition figures and civil society groups accused Rodríguez of surrendering national sovereignty over the country's most valuable resource. Critics note that Venezuela holds the world's largest proven oil reserves, and the agreement effectively cedes management of a substantial portion to foreign control.

Terms and Strategic Context

Under the agreement, U.S. energy companies will receive operational control and profit-sharing rights over oil fields representing 65 billion barrels of proven reserves, according to details published by Al Jazeera and The New York Times. The arrangement follows the January 2026 U.S. military intervention that resulted in the capture of former President Nicolás Maduro, who now faces drug trafficking charges in the United States.

Rodríguez, who assumed the interim presidency under Venezuelan constitutional succession law after Maduro's removal, insisted in her Saturday address that Venezuela retains sovereignty over its natural resources despite the operational control granted to American firms. "This agreement preserves our sovereignty while providing the investment and expertise needed to rebuild our oil sector," she said.

The Trump administration framed the deal as a strategic victory that secures access to vast energy resources while helping stabilize Venezuela's economy. Trump said in a social media post Friday that the agreement would "bring prosperity to the Venezuelan people and energy security to America."

Domestic Opposition and Sovereignty Concerns

The accord has drawn sharp criticism from Venezuelan civil society organizations, opposition political parties, and international observers who question whether an interim government has the authority to sign such a far-reaching agreement without a democratic mandate.

Venezuelan economist Francisco Rodríguez told The Guardian the deal amounted to a "fire sale" of the country's oil wealth. "Twenty-five years is an entire generation. Venezuela is mortgaging its economic future in exchange for short-term revenue that will flow largely to foreign companies and investors."

Press TV, an Iranian state broadcaster, reported Saturday that the agreement represented a new phase in U.S. interventionism in Latin America, following the January military operation that led to Maduro's capture. Regional governments including Bolivia and Nicaragua have condemned the energy pact as neocolonialism.

Production and Revenue Projections

The agreement aims to increase Venezuelan oil production from current levels of approximately 700,000 barrels per day to 1.5 million barrels per day within five years. Venezuela's oil output has collapsed over the past decade due to underinvestment, mismanagement, and U.S. sanctions that were in place until Maduro's removal.

Reuters reported that Rodríguez projected the deal would generate significant revenue for the Venezuelan government, though specific revenue-sharing terms were not disclosed in the initial announcement. American energy firms involved in the agreement include ExxonMobil, Chevron, and ConocoPhillips, according to Bloomberg.

The interim government has pledged to use oil revenues to fund reconstruction of public services, repay foreign debt, and address Venezuela's humanitarian crisis. Critics remain skeptical that the agreement's terms will deliver sufficient revenue to Venezuela given the long duration and extensive foreign control provisions.