US-Venezuela Oil Deal Sparks Doubts Over Sovereignty

The recent agreement between the United States and Venezuela in the oil sector has significant implications for the global industry. The deal comes as no surprise, given President Trump's statements after Maduro's appointment, where he made clear US ambitions regarding Venezuela's oil resources.

These ambitions were further highlighted by the immediate transfer of tens of millions of barrels of Venezuelan oil to American ports. Additionally, the new hydrocarbons law adopted by the Caracas Parliament abolishes the state monopoly held through PDVSA, with the support of the US. The law introduces Production Sharing Agreements, allowing private companies to obtain operational and commercial control of oil fields.

The details of the agreement are not yet known, but there are doubts surrounding it, particularly from a legal standpoint. International law and the Venezuelan constitution clearly state that oil resources are public assets, inalienable and protected by the State's imprescriptible right of possession. However, Trump spoke of US 'control' over significant Venezuelan oil resources, while President Rodríguez emphasized her country's sovereignty.

The agreement allocates 35% of North American Blue Energy Partners to the United States free of charge, in recognition of its influence and assistance. The Department of Defence's Office of Strategic Capital has governance rights equivalent to strategic and operational control of the company, with the Pentagon also having the right to purchase 20% of production at cost price.