Venezuela's Interim President Defends Controversial 25-Year U.S. Oil Pact

CARACAS, Aug. 30 (AP) — Venezuela's interim President Delcy Rodriguez defended a sweeping 25-year energy agreement with the United States on Saturday, rejecting accusations that the deal cedes excessive control of the nation's natural resources to Washington.

Under the terms of the pact signed earlier this month, the United States will assume operational control over an estimated 65 billion barrels of Venezuelan oil reserves. The agreement, which spans until 2051, represents one of the most significant shifts in energy sovereignty in Latin American history. Rodriguez addressed the nation from Miraflores Palace, characterizing the arrangement as a necessary step to stabilize Venezuela's crumbling economy and reintegrate the country into global markets.

"This is not a surrender; it is a strategic partnership essential for our survival," Rodriguez said during a televised address. She argued that without U.S. investment and technical expertise, Venezuela's aging infrastructure would remain non-functional, leaving the country unable to generate revenue or provide basic services to its citizens.

Critics, however, have condemned the deal as predatory and rapacious. Opposition leaders and labor unions argue that handing over control of such a vast portion of the nation's oil wealth effectively strips Venezuela of its economic independence. They contend that the 25-year timeline locks the country into unfavorable terms that will prevent future governments from renegotiating rates or conditions, regardless of how global energy markets evolve.

The deal comes after years of sanctions and isolation that decimated Venezuela's once-dominant oil sector. Production has plummeted to a fraction of its former levels, leaving the state treasury empty and inflation rampant. Proponents of the agreement say the influx of American capital is the only viable path to restoring production capacity and generating the foreign currency needed for food imports and debt repayment.

Rodriguez dismissed claims that the U.S. is exploiting Venezuela's desperation. She stated that the negotiations were conducted with full transparency and that the terms reflect a mutual benefit, allowing Washington to secure a stable supply of crude while providing Venezuela with the technology needed to modernize its fields.

Despite the administration's defense, the pact faces an uncertain future in the Venezuelan National Assembly, where opposition members have vowed to challenge its legality. Legal experts are currently reviewing whether the interim government had the constitutional authority to sign such a long-term agreement without legislative approval or a public referendum.

As debate intensifies, questions remain regarding the specific mechanisms for revenue sharing and the extent of U.S. oversight within Venezuelan territory. The international community watches closely as the implementation phase begins, with energy analysts noting that the deal could reshape geopolitical alliances in the region if fully executed.