Delcy Rodríguez Says Venezuela’s Vast Oil Reserves Must Be Turned Into Prosperity

Interim 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.”

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.

When announcing the agreement on Friday, President Donald 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 in a post on Truth Social.

This is a developing story and will be updated.