Venezuela's Rodríguez defends 'endless' benefits of oil deal with Trump

Venezuela's interim president, Delcy Rodríguez, used a televised address on Saturday to defend her government's energy agreement with US President Donald Trump, which Trump has described as the "biggest oil deal in world history." Rodríguez took power in January after Trump ordered special forces to seize President Nicolás Maduro in Caracas.

In a six-minute broadcast, Rodríguez called the deal's benefits "endless," saying it would help develop Venezuela's economy, generate more than $209bn in revenue, and turn the country into an "energy powerhouse." She argued that having reserves underground means little without investment, technology, infrastructure and production capacity to turn them into real development.

Details of the agreement

The deal, reached after months of secret negotiations, reportedly gives Washington control over 65bn barrels of Venezuelan oil reserves. Venezuela holds the world's largest proven crude reserves, estimated at 303bn barrels, ahead of Saudi Arabia and Iran. Rodríguez said the agreement covers 17 "strategic oilfields" expected to produce more than 1.5m barrels per day.

On Sunday, Trump wrote on social media that the oil would help refill depleted US strategic reserves.

Backlash across the political spectrum

The agreement has provoked anger from both Venezuela's opposition and Rodríguez's own Chavista movement. Rafael Ramírez, former head of state oil company PDVSA, called it a neo-colonial move that drove "a dagger straight into the heart of the homeland." Dozens of leftwing protesters marched in Caracas on Saturday with anti-US banners.

Rodríguez insisted Venezuela retains ownership and sovereignty over its resources and thanked Trump and Secretary of State Marco Rubio for the deal. Opposition figures fear the agreement could further delay democratic elections, which Rodríguez has said vaguely will happen "some day."