Proud of their oil, Venezuelans view major U.S. stake in their reserves as a surrender

Key Points:

• Venezuela's identity and economy have been deeply tied to its vast oil reserves for over a century, with oil seen as belonging to the people rather than the government or companies.
• Acting President Delcy Rodríguez recently agreed to give the U.S. control over about 20% of Venezuela's oil reserves, sparking outrage among many Venezuelans who view it as a surrender of national resources.
• Venezuela's oil industry, once a source of prosperity and social programs under Hugo Chávez, has suffered from falling prices, corruption, mismanagement, and U.S. sanctions, leading to economic collapse and mass migration.
• The new deal involves a joint venture with the U.S.-linked North American Blue Energy Partners, granting 100-year rights over 17 oil fields, but experts warn that significant production increases will take years due to degraded infrastructure.
• While some Venezuelans remain skeptical and concerned about foreign control, others hope the agreement will bring much-needed investment and revive the oil sector to benefit future generations.