Venezuela asserts sovereignty in new US oil agreement

Venezuela's interim president, Delcy Rodríguez, has defended a major oil agreement with the United States, asserting that the nation will maintain sovereignty and ownership over its natural resources. The deal allows for the operation of Venezuelan oil fields with a potential production capacity of 65 billion barrels.

Under the terms of the 25-year agreement, Venezuela expects to generate approximately $209 billion in revenue. Rodríguez stated that the country will receive a minimum royalty of 16% and a 34% income tax rate, estimating that nearly $19 will enter the country for every barrel produced and sold. The agreement follows a shift in relations between Caracas and Washington after a military operation led to the fall of Nicolás Maduro.