Venezuela reaffirms control over oil after deal with the US

Venezuela has affirmed its control and ownership of its oil reserves following a recent agreement with the United States involving the exploration of 65 billion barrels. The country's Minister of Hydrocarbons stated that the 25-year deal does not compromise national sovereignty and will be evaluated by the parliament controlled by the chavista government.

Additionally, the minister highlighted that the agreement with the US aims to attract foreign investment without undermining existing contracts with other countries such as China and Russia. According to her, companies from these countries will continue to operate and will respect previously signed contracts.

Venezuela also assured that it will maintain its international oil commitments, even amid the new understanding with Washington. This declaration comes against a backdrop of tension and uncertainty regarding the country’s future trade relations with its international partners.

Sources indicate that the exploration proposed in the agreement with the US corresponds to about one-fifth of Venezuela's crude oil reserves, which are among the largest in the world. The assurance to uphold prior agreements reflects the Caracas government's attempt to stabilize its production and attract necessary capital to revitalize its energy sector.

However, the understanding with the US has generated mixed reactions, prompting the minister to emphasize that the country’s sovereignty will remain intact. The details of the agreement continue to spark discussions and analyses both within Venezuela and abroad, especially regarding security and international investment interests.

According to reports, Venezuela's position in reaffirming control over its natural resources is a significant step in addressing current economic challenges while trying to revitalize its energy sector in collaboration with international partners.