Venezuela’s Delcy Rodríguez Defends ‘Endless’ Benefits of Controversial Oil Deal with Trump

Venezuelan Vice President Delcy Rodríguez has launched a robust public defence of a reported agreement with the Trump administration that would place US entities in control of an estimated 65 billion barrels of Venezuelan crude, framing the pact as a wellspring of “endless” benefits even as it draws sharp condemnation at home.

The arrangement, details of which remain partially undisclosed, has ignited a fierce sovereignty debate inside Venezuela. Critics, including opposition figures and civil society groups, accuse the government of effectively handing over the nation’s most vital natural resource, while Rodríguez insists the deal is the only viable path to reviving an oil industry battered by years of mismanagement and US sanctions.

What the oil deal reportedly entails

According to reports that have circulated widely in international media, the framework would grant US companies or a US-led consortium broad authority over the development, production and export of Venezuela’s heavy crude reserves. Those reserves, concentrated in the Orinoco Belt, represent some of the largest untapped oil deposits on the planet. The figure of 65 billion barrels is roughly equivalent to the country’s proved reserves that could be brought into production with sufficient investment and technical expertise.

While neither Caracas nor Washington has released a full term sheet, analysts say the structure likely includes:

• US operational control over key oil fields and upgrading facilities
• Preferential access for American firms to export crude and refined products
• A revenue-sharing mechanism that would see a significant portion of oil income flow to US creditors and investors
• Sanctions relief tied to compliance with production benchmarks

Vice President Rodríguez, who has emerged as the administration’s chief spokesperson on the deal, described the terms as a “new economic model” that would guarantee technology transfers, steady revenue and job creation, without relinquishing Venezuela’s formal sovereignty over its resources. Her office did not respond to a request for further details.

Domestic backlash and political rift

The reported terms have sparked outrage across Venezuela’s political spectrum. Several prominent lawmakers from the ruling party’s own leftist flank have broken ranks to voice alarm, warning that the arrangement echoes historical resource concessions that enriched foreign powers at the expense of national development. Labour unions in the oil sector have threatened strikes if the government proceeds without a popular referendum.

“This is not a partnership; it is a surrender,” one former oil minister said in a televised interview, speaking on condition of anonymity. Grassroots organisations have called street protests, with small demonstrations already reported in Maracaibo and Caracas.

The backlash underscores a deepening fissure within the government. President Nicolás Maduro has yet to personally address the controversy at length, leaving Rodríguez to carry the political burden. While she has emphasised immediate economic relief — including the prospect of cheaper fuel and the revival of petrochemical plants — opponents counter that any short-term gains will be dwarfed by a permanent loss of control over the nation’s oil wealth.

Geopolitical calculus and Trump’s interests

For the Trump administration, the pursuit of such a far-reaching deal appears driven by multiple strategic goals. Securing direct access to one of the world’s largest crude reserves aligns with a wider energy dominance doctrine. It also provides leverage over global oil markets at a time when tensions with other major producers remain elevated. By tying sanctions relief to operational control, Washington would gain an enduring footprint in a country that has been a geopolitical flashpoint for more than two decades.

From Venezuela’s perspective, the government is calculating that only a dramatic overture to US capital can resuscitate a sector that has seen output collapse from nearly 3 million barrels per day to well under 1 million. The central bank has not published official production data in years, but independent estimates put current output at only a fraction of pre-sanctions levels. In this context, Rodríguez is framing the deal not as a concession, but as a pragmatic rescue.

Yet the outrage inside the country suggests that the politics of oil nationalism remain potent. Even in a climate of widespread economic desperation, the optics of a US president effectively taking control of Venezuela’s prized reserves are incendiary. With the 2027 elections on the horizon, the gamble could either provide a lifeline for the ruling party or accelerate its unraveling, depending on whether voters come to see the “endless” benefits that Rodríguez promises.