Venezuela says it retains ‘sovereignty’ following US oil deal - Al Jazeera

**Venezuela says it retains ‘sovereignty’ following US oil deal** *Al Jazeera* – *Financial Times* – *The Times of India* – *The Guardian* – *ThePrint*

Washington announced on Monday that a new oil‑production agreement with Venezuela will grant U.S. firms a significant stake in the South American nation’s hydrocarbon assets. The deal, signed by the Trump administration and a consortium of U.S. energy companies, is slated to give American operators access to a majority share of Venezuela’s offshore fields and a sizeable portion of its onshore production capacity for an initial period of ten years. In a statement, the White House said the arrangement would “unlock the country’s vast oil wealth, create jobs in the United States, and help stabilize global energy markets.”

Venezuelan President Nicolás Maduro’s government, while acknowledging the technical details of the pact, stressed that the nation’s sovereignty remains intact. Foreign Minister Yvan Gil was quoted by *Al Jazeera* as asserting that “any foreign participation is subject to Venezuelan law and the ultimate control of the state.” The administration emphasized that the agreement operates under the framework of a joint‑venture model, wherein the state retains ownership of the reserves and sets the strategic direction for production and pricing. Maduro’s office has also indicated that the contract includes provisions for technology transfer and training of Venezuelan personnel, which it says will bolster domestic expertise without ceding political control.

The agreement has provoked sharp criticism from both sides of Venezuela’s polarized political landscape. Opposition leader María Corina Machado, speaking to *The Guardian*, called the deal “a surrender of our national patrimony to foreign interests” and warned that it could deepen the country’s economic crisis. Simultaneously, factions loyal to the government have expressed unease, fearing that the influx of U.S. capital could undermine the socialist model the ruling United Socialist Party of Venezuela (PSUV) espouses. Analysts cited by *The Financial Times* and *The Print* note that the deal could give the United States a foothold in a sector that has historically been a source of geopolitical leverage for Caracas, potentially reshaping regional energy dynamics and inviting further sanctions or diplomatic pressure.