Venezuela oil deal draws fire from opposition and government allies alike

A sweeping oil agreement between the United States and Venezuela that would grant Washington majority control over 65 billion barrels of proven crude reserves has drawn fierce criticism from across Venezuela's political spectrum, uniting hardline government loyalists and opposition forces in rare common cause against acting President Delcy Rodríguez.

A Deal Under Fire

President Donald Trump announced the agreement on Friday evening, calling it "the biggest oil deal in world history" in a post on Truth Social. The deal grants a U.S.-led private company 100-year concessions over 17 oilfields accounting for more than a fifth of Venezuela's reserves — the largest in the world. A U.S. official told the Associated Press that Washington would hold a 55% effective stake in the new venture through a combination of equity ownership and rights to purchase oil at cost.npr+3

Rodríguez defended the deal in a televised address on Saturday, saying it would bring prosperity and jobs to Venezuela and yield roughly $19 in profit per barrel for the nation. Venezuela's government said the agreement could attract $100 billion in private investment and generate over $209 billion in tax revenue for Caracas.aljazeera+2

Opposition and Allies Push Back

Former opposition presidential candidate Edmundo González, currently exiled in Spain, warned on Sunday that the revenues risk ending up in the hands of "some" rather than reaching ordinary Venezuelans. "The recovery of Venezuela cannot be measured only by the barrels it produces again, but by the lives that this wealth allows to be rebuilt," González said in a social media message, pointing to the country's crumbling infrastructure, hunger, and humanitarian crisis.democrata

The criticism extends well beyond the opposition. Supporters of Chavismo — the political movement built in part around state control of Venezuela's oil — view the deal as a betrayal of founding principles. As the Washington Post News Corp ↘ 0.46% noted, Rodríguez herself once accused rivals of plotting to "hand over the oil, the gas, the gold" to the United States when she served as vice president under Nicolás Maduro.washingtonpost+1

Political Calculus

Analysts suggest Rodríguez may be wagering that deeper U.S. economic ties will consolidate her hold on power. "I think it can benefit Delcy to the extent that it reinforces Trump's commitment to working with her and thus probably diminishes incentives to move quickly to a new vote," said Risa Grais-Targow, Latin America director at Eurasia Group. That calculation, she added, "is precisely why the opposition is so upset."japantimes+1

The deal's legal and constitutional viability remains uncertain. Venezuelan law reserves state control over core oil industry activities, and sources previously told Reuters that the lease model under consideration could face challenges in court. Venezuelan officials are preparing to sign formal agreements in the coming days granting new exploration and production rights, particularly to U.S. firms.aljazeera