Venezuelan opposition party demands transparency over oil deal with U.S.

Venezuela’s opposition party Primero Justicia has demanded details about an oil agreement that it says gives the United States control of more than 20% of the country’s crude reserves.

The party, which belongs to Venezuela’s main opposition coalition, the Democratic Unity Platform, said the public needed more information, accountability and safeguards that could be independently verified. It said Venezuelans had the right to know the agreement’s terms, how its revenues would be managed and how the benefits would reach the country’s population.

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As this is a major agreement between two countries with implications for our future, we demand transparency, more information, accountability and verifiable guarantees.

Primero Justicia said it supported investment but argued that oil development should accompany efforts to create conditions for a democratic transition. In its view, reconstruction requires crude oil as well as democracy, functioning institutions and guarantees for a free election.

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The people responsible for running an industry that is now devastated cannot expect to be the ones leading its restoration.

“The people responsible for running an industry that is now devastated cannot expect to be the ones leading its restoration,” the party said. It called for technical capacity, legal certainty, institutional controls and clear rules so projects could remain sustainable.

The United States and Venezuela announced the agreement on Friday. U.S. Secretary of State Marco Rubio called it “a great victory for both the American and Venezuelan people.” Acting President Delcy Rodríguez said it would cover 17 strategic fields with proven potential of 65 billion barrels, run for 25 years and target production above 1.5 million barrels per day. Using an oil price of $65 per barrel, she said Venezuela could receive $209.335 billion under the agreement.

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A great victory for both the American and Venezuelan people.