Delcy Rodrguez Says Venezuelas Vast Oil Reserves Must Be Turned Into Prosperity

Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on Jan. 31, 2026. Maryorin Mendez / AFP via Getty ImagesInterim Venezuelan leader Delcy Rodríguez on Saturday celebrated the oil deal her country made with the United States.Rodríguez said during an address on state broadcaster VTV that sitting on the world’s largest oil reserves did them no good unless the country translated it into prosperity.Venezuela has signed an agreement with the United States aimed at reviving its oil industry that covers 65 billion barrels in oil reserves, Rodríguez said. She predicts the deal will span 25 years.She said the project seeks to develop “17 strategic oilfields with a production ​target of more than 1.5 million barrels per day.”“That ⁠figure relates solely to the bilateral agreement between Venezuela and the United States.”The country’s broader plans include agreements involving major companies such as Chevron, Repsol, Eni, Shell, BP, and others, she said.Under the agreement, Venezuela would provide its oil resources, industry, and workforce, while the United States would supply capital and technology. Rodríguez said the project would generate jobs, infrastructure investment, increased government revenue, and business for Venezuelan industries.Rodríguez said the country’s oil reserves must turn into prosperity, with a long-term goal that Venezuela become an energy power, a major oil producer, an important gas exporter, and to achieve great petrochemical development.Rodríguez said she appreciated U.S. President Donald Trump and Secretary of State Marco Rubio, adding that her administration chose the path of diplomacy with the United States to turn their differences into cooperation, and that cooperation into investment, production, well-being, and concrete results for Venezuelans.When announcing the agreement in a post on Truth Social on Friday, Trump called it “the biggest oil deal in world history.”“This Historic Transaction more than doubles American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity,” Trump wrote.Sen. Chris Van Hollen (D-Md.) was critical of the deal.“Let’s be clear: this isn’t a win. This is proof Trump put our service members at risk to get Venezuelan oil for his billionaire buddies,” he said in a post on X on Aug. 29.Sen. Bernie Moreno (R-Ohio) criticized Democrats who denigrated the deal.“If it were up to D.C. Democrats, [former Venezuelan leader Nicolás] Maduro would still be in power, Venezuelan oil would be going to China at half price, and the people of Venezuela would be getting robbed by a corrupt regime. Instead, this historic deal benefits both countries for generations! Well done!” Moreno posted on social media Friday.