US Secures Major Oil Deal with Venezuela Amid Concerns Over Benefits

Venezuela's interim leader Delcy Rodriguez announced on Saturday that her government will retain ownership and sovereignty over its oil resources under a landmark agreement granting the United States significant access to the country's vast petroleum reserves.

The deal, described by US President Donald Trump as 'the biggest oil deal in world history,' gives Washington majority control over development involving some 65 billion barrels of Venezuela's proven oil reserves.

Rodriguez defended the agreement, stating that it will transform the country's underdeveloped oil reserves into a source of economic and social prosperity. She claimed that the deal could attract around $100 billion in private investment to revive an oil industry that has suffered from years of economic crisis, sanctions, underinvestment, and declining production.

However, concerns have been raised inside Venezuela about whether the country will receive sufficient benefits in return for granting Washington such extensive access to its energy resources. 'We don't know who this will benefit, whether it's Venezuela or the United States,' said Jesus Salazar, a 68-year-old security guard.