A major new oil agreement between the United States and Venezuela has placed Venezuelan opposition leaders in a difficult political position. Announced last week, the deal gives the U.S. government majority control over 65 billion barrels of Venezuelan oil reserves. While acting president Delcy Rodriguez claims the agreement will bring essential foreign investment to the country's struggling oil sector, critics fear it could entrench her authoritarian government and delay democratic elections.
Rodriguez assumed power after her predecessor, Nicolás Maduro, was captured by the U.S. military in January. Her government still holds more than 300 political prisoners, and her popularity plummeted to 22% following a poorly managed response to twin earthquakes in June that killed over 6,500 people. Despite calls for a rapid transition to democracy, U.S. President Donald Trump indicated this week that Venezuela is not yet ready for elections, praising Rodriguez for doing a "very good job." Economists and analysts point out that giving control of oil reserves to Washington effectively secures her position in power.
Main opposition leader María Corina Machado expressed deep concerns about the deal, stating that real economic development requires democratic institutions elected by the public. However, neither Machado nor most opposition lawmakers have openly condemned the agreement itself. Because the Trump administration currently holds significant influence over Venezuela's governance, political leaders fear that criticizing the deal would destroy their chances of holding political power in the near future. Consequently, nearly all opposition members in Venezuela's National Assembly voted to approve the agreement this week.
Although envoys from Rodriguez's government have met with opposition figures to discuss a democratic transition, critics accuse her administration of intentionally delaying progress. When questioned by reporters, Rodriguez confirmed that presidential elections would eventually take place, but refused to set a timeline. Some observers fear her government may try to remain in power until the current presidential term ends in 2030, leaving the country's democratic future uncertain.