González's Warning on Oil Revenue Distribution
Venezuelan opposition leader Edmundo González has warned that the oil revenue expected from a recent investment agreement with the United States might end up in the hands of a few rather than benefiting the entire population. In a social media message on Sunday, he recalled that Venezuela has previously received large sums of money, but that the arrival of resources in the country does not guarantee they will improve people's lives. He posed a direct question: will this time the oil improve the lives of all Venezuelans or only some?[S1]
González expressed support for reviving the oil industry but insisted that true recovery means restoring the lives of the people. He expects tangible improvements in housing, education, and health. He argued that Venezuela's recovery cannot be measured solely by the barrels produced, but by the lives that wealth helps rebuild. He also listed urgent needs such as rebuilding homes after the earthquake, fixing the health system, ensuring water and electricity supply, and addressing the fact that many workers cannot live on their salaries.[S1]
First Reaction to US-Venezuela Oil Pact
This is González's first reaction to the agreement announced by US President Donald Trump to gain control of a fifth of Venezuela's oil reserves. He questioned the enormous figures of millions of barrels and investments that are hard to imagine. He also pointed to corruption, lack of maintenance, and lack of opportunities for young people, as well as the hunger and complex humanitarian crisis that continues and deepens.[S1]
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González, a veteran diplomat now exiled in Spain, was the opposition candidate in the 2024 elections, which the opposition denounces as fraudulent, giving victory to Nicolás Maduro. Maduro was captured by US military in a raid in Caracas in January. His successor, Delcy Rodríguez, has moved closer to Washington. The agreement with the US is expected to last 25 years, cover 17 oil fields, and aim for production above 1.5 million barrels per day, up from the current 1.23 million, the highest since February 2019.[S1][S3]
Details of the Agreement and Its Potential Impact
The potential of the fields included in the pact reaches 65 billion barrels, with planned investment exceeding $100 billion, equivalent to about 86,348 million euros at the August 30 exchange rate. Caracas calculates the state could receive about 180,756 million euros, based on an oil price of $65 per barrel. Rodríguez maintains that the country retains ownership and sovereignty over its hydrocarbons, with the US providing capital, technology, and operational capacity to recover infrastructure deteriorated by years of underinvestment, mismanagement, and sanctions.[S3]
Rodríguez has also cited Chevron, Repsol, Eni, Shell, and BP among companies with which Venezuela hopes to expand energy agreements. Despite the announced figures, significant differences remain between the explanations from Caracas and Washington. The full text of the agreement has not been published, and while Rodríguez speaks of a 25-year horizon, the details are still unclear.[S3]
