Venezuela’s acting president touts 25-year oil pact with US

Venezuela’s acting president, Delcy Rodríguez, used a televised address on Saturday night to promote a new oil agreement with the United States, describing it as a long-term partnership that would revive the country’s sanctions-battered energy sector.

Rodríguez said the binational project, signed for 25 years, would develop 17 strategic oil fields with a target production of more than 1.5 million barrels per day. She framed the deal as a mutually beneficial arrangement: Venezuela contributes its oil, industry, and worker expertise, while the US provides capital and technology.

“Venezuela retains ownership and sovereignty over its resources,” Rodríguez said, while acknowledging the role of US President Donald Trump, Secretary of State Marco Rubio, and their negotiating teams.

She projected that at a reference price of $65 per barrel, Venezuela’s government would receive about $209 billion in revenue over the life of the agreement. That works out to roughly $19 per barrel sold, she added.

The deal, announced Friday, gives the United States a 55% effective output stake in a new private company, including an ownership share and rights to buy oil at cost. According to a US official, American purchases would go toward the strategic petroleum reserve and military needs.

Trump has said the agreement would help lower US gasoline prices, a key concern as the Iran war disrupts Persian Gulf shipping and keeps fuel costs high ahead of November elections.

However, experts caution that Venezuela’s oil infrastructure is in disrepair and would require years and billions of dollars to restore. A rapid boost in production is unlikely, they warn.