A Landmark Agreement, but Under a Cloud of Illegitimacy
On Friday, August 28, 2026, former U.S. President Donald Trump announced what he called "the biggest oil deal in world history." The pact, signed with the administration of Delcy Rodríguez, unelected interim president of Venezuela, involves more than 65 billion barrels of crude oil—a figure that surpasses any previous negotiation in the global energy industry.
Venezuela holds the largest proven oil reserves in the world, with 303 billion barrels, according to official data. However, the legitimacy of the regime negotiating these resources is at the heart of the controversy.
Machado's Stance: 'The Regime Is an Enemy of the U.S.'
In her first public comments since the announcement, María Corina Machado, opposition leader and Nobel Peace Prize laureate, expressed her discontent. In a speech to her followers, Machado declared:
"The wealth of our subsoil does not belong to an illegitimate regime; it belongs to the Venezuelan people."
The opposition leader, who according to multiple polls would have won the 2024 elections by a wide margin—though Maduro never recognized the results—stated that the U.S. is the main partner Venezuela needs to develop its strategic potential. However, she stressed that the current regime in Miraflores Palace is "an enemy of the U.S." and has no right or democratic mandate to negotiate the country's natural resources.
The Context: Maduro's Abduction and the Interim Government
The political situation in Venezuela is complex. On January 3, 2026, U.S. special forces abducted Nicolás Maduro, who had governed the country since 2013. Following this event, Delcy Rodríguez assumed the role of interim president, though without being elected by popular vote.
Trump backed Rodríguez instead of Machado, sidelining her from negotiations. In a direct warning, Trump told Rodríguez: "If you don't do the right thing, you will pay a very big price, probably bigger than Maduro."
The White House's Justification
The U.S. administration defended the agreement as a measure to secure "U.S. energy dominance for the next century" and to exclude China and Russia from the region. U.S. Energy Secretary Chris Wright stated on September 3, 2026 that the goal is "to massively increase production and economic opportunities in Venezuela" and that Trump's mission is "to bring peace, freedom, opportunity, and prosperity to everyone in Venezuela."
Criticism and Fears from the Opposition
However, critics label the agreement as a predatory, colonial-style appropriation. Machado's supporters feel "sadness and anger" at being excluded from decision-making over the country's resources.
Moreover, there is fear that Washington will not push for new presidential elections. Both Trump and Rodríguez dodged questions about when elections will be held. Trump said Venezuela is "not ready" but that it will be "soon," while Rodríguez stated: "There will be an electoral process, but when Venezuela is ready. I don't set dates."
An Uncertain Future
Meanwhile, the international community watches closely. The Venezuelan opposition, led by Machado, continues to demand free and fair elections. The oil agreement, though monumental in figures, highlights the deep political divisions and the lack of democratic legitimacy in negotiating the country's natural resources.
The lingering question is whether this deal will bring the promised prosperity or, as critics warn, only deepen Venezuela's institutional crisis.