The newly announced agreement giving the United States significant control over a portion of Venezuela’s vast oil resources is facing strong opposition inside the country, with critics describing the arrangement as a modern form of colonialism and a threat to Venezuelan sovereignty.
The criticism follows President Donald Trump’s announcement that the United States had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through an agreement involving American private companies and Venezuela’s interim government. Trump has described the arrangement as a major opportunity to rebuild Venezuela’s devastated oil industry while increasing supplies to the United States.
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For many Venezuelans, however, the issue goes beyond investment or oil production. The country’s petroleum resources have long been regarded as a national asset, and critics fear that placing such a large portion of the industry under American control could amount to a loss of economic sovereignty.
Former Venezuelan oil officials and political figures have been particularly outspoken. Rafael Ramírez, a former president of Venezuela’s state oil company PDVSA, described the arrangement as a “new form of US colonialism,” while another former PDVSA manager argued that Venezuelan sovereignty would be compromised if Washington takes control of major parts of the industry.
The agreement reportedly involves 17 oil fields and could remain in place for decades. Venezuela’s interim President Delcy Rodríguez has said the country will retain ownership and sovereignty over its natural resources, while presenting the arrangement as a way to attract capital, technology and expertise needed to revive an industry damaged by years of sanctions, political instability and underinvestment.
The scale of the proposed arrangement has intensified the controversy. The 65 billion barrels covered by the agreement represent a substantial portion of Venezuela’s enormous petroleum reserves and exceed the total proven oil reserves of the United States. Energy experts and lawyers have questioned the agreement’s legal structure and called for the full contract to be made public.
Questions have also emerged over how the deal was negotiated. Reuters reported that the agreement did not go through a competitive process and was negotiated largely behind closed doors while Venezuela was simultaneously reforming its hydrocarbons laws and restructuring existing oil contracts.
Supporters of the arrangement argue that Venezuela needs massive investment to restore production. Years of inadequate investment and deterioration of infrastructure have left the country’s oil industry producing far below its potential, despite Venezuela possessing the world’s largest proven crude oil reserves.
The proposed partnership could bring billions of dollars in investment and potentially increase production significantly. Rodríguez has said the agreement is intended to rebuild the energy sector and generate substantial government revenue, while the United States is seeking greater access to Venezuelan crude for its own energy needs.
The debate nevertheless reflects a much deeper historical sensitivity in Venezuela, where control over natural resources has long been tied to national independence and sovereignty. Critics fear that the country’s economic dependence on foreign investment could leave Venezuelans with less control over one of their most valuable national assets.
The controversy is therefore unlikely to be settled simply by the promise of new investment. As details of the agreement emerge, Venezuelans and international observers are expected to continue questioning who ultimately controls the country’s oil, how much Venezuela will receive from its production and whether the arrangement represents economic recovery or a new chapter of foreign dominance.
