Caracas (theassemblymedia.com) — Venezuela’s National Assembly (AN) president Jorge Rodríguez dismissed “media speculation” that Caracas lacks control over its oil revenue. He said that the state “controls all proceeds from oil sales to countries around the world.”
“In strict accordance with its constitution, Venezuela manages the resources it obtains from oil sales through its national executive branch,” said Rodríguez during a press conference on Thursday. He was joined by government and US-backed opposition delegations that have been engaged in talks since early August. The press conference announced the conclusion of the third round of dialogue, with a commitment to follow on agreements regarding political guarantees, judicial reforms, freedom of expression, and economic recovery. The next round of talks is scheduled for November.
Although the talks are framed within Washington’s three phase plan to achieve a “transition” in Venezuela, elections have not been part of the discussions nor the fate of Venezuela’s oil sovereignty, with exports currently controlled by Washington and revenue withheld in a US-controlled bank account since the US military intervention in early January.
When asked by a reporter about the government’s control over oil revenue in Caracas, Rodríguez said the state has complete control over how it spends its oil revenue and that it has always been that way. He suggested that the media speculation surrounding it was spurred by the midterm election campaign in the United States. On November 3, Republicans and Democrats will compete for control of Congress.
This is the first time a high-ranking Venezuelan official has addressed Washington’s seizure of Venezuela’s oil revenue. Rodríguez did not say whether the US still controls the country’s oil exports or where the revenue is being deposited. He only disputed reports that Caracas must report to Washington on how it spends the proceeds from oil sales. Those reports have circulated for months, amid claims that US officials must approve each disbursement based on specific spending criteria.
Oil agreements
After President Nicolás Maduro and his wife, Congresswoman Cilia Flores, were abducted by US forces on January 3, the White House announced that it would seize control of Venezuela’s oil sector for an indefinite period and redirect all revenue to US-controlled accounts. On January 6, newly sworn-in Acting President Delcy Rodríguez and President Donald Trump reported a deal to export 30 to 50 million barrels of Venezuelan crude oil to the United States. The oil had been stranded in Venezuela due to a US naval blockade imposed in December 2025.
The controversial agreement was made after Trump demanded “total access” to Venezuela’s oil industry, threatening another military attack if his demands were not met. Subsequently, all shipments to Cuba and China were cut off. China had been Venezuela’s main buyer for the past decade.
The proceeds from the initial sale were reportedly transferred to a Qatar-based account controlled by Trump. In early February, a total of $500 million was returned to Venezuela, though the total export value was estimated to be around $2 billion at the time. Since then, neither side has provided official information regarding the exact amount of oil revenue collected and how much has returned to Caracas.
On January 9, the US issued Executive Order 14373, which requires that Venezuelan oil proceeds be deposited into the Foreign Government Deposit Funds. The order also stipulates that the US Departments of State and the Treasury must approve all disbursements. Caracas could reportedly only access the revenue if it had previously submitted requests detailing how the funds would be used. When the first transfer to Caracas occurred earlier this year, Secretary of State Marco Rubio said that the US was “allowing” Venezuela to “use their own oil to generate revenue” primarily to “keep the government functioning” and “avoid systemic collapse.”
Trump has also claimed that Venezuela would only purchase “American-made products” with money from oil sales. Trade between the two countries has increased this year, with Caracas purchasing infrastructure and raw materials for the oil industry, as well as replacement components, heavy machinery, and technical services to stabilize the country’s damaged power grid. Most imports are from US, European, and Japanese companies.
However, the statement made by the president of Venezuela’s parliament on Thursday appears to lessen the conditions set by the US for authorizing the transfer of oil revenue.
Rodríguez described the oil situation as “a significant act of cooperation with the United States.” He emphasized the agreement that the two nations signed in August, in which the Venezuelan private company North American Blue Energy Partners (NABEP) was named the operator. The Trump government hand-picked Venezuelan businessman Alejandro Betancourt, NABEP’s owner, for the massive deal.
“This agreement is highly beneficial for both peoples and governments, as it enables us to produce previously inaccessible oil. It will generate significant revenue to meet the needs of the Venezuelan people,” said the lawmaker.
The deal covers 17 strategic oil fields that hold an estimated 65 billion barrels of proven oil reserves. It gives the Pentagon’s Office of Strategic Capital a 35 percent stake in NABEP’s parent company, preferential purchase rights, and priority access to crude oil production. It reportedly spans for a 100-year. Venezuela anticipates around $100 billion in investment over 25 years and $200 billion in tax revenue.
The deal has drawn scrutiny. According to a ProPublica investigation, Washington and NABEP signed an agreement excluding Venezuelan authorities, protecting private interests, and citing no legal obligations to ensure the $200 billion investment in Venezuela. The agreement also grants Washington the right to purchase 20 percent of NABEP’s oil production at $30 per barrel, regardless of market prices. The agreement gives the US priority to purchase the company’s remaining output for 50 years and the right to buy its entire supply in a national emergency.
NABEP operations
Despite criticism of its conditions and voids, NABEP operations have been moving forward. On Friday, acting president Rodríguez held a televised meeting with the US representative to Venezuela, John Barrett. She also established contact with NABEP president Betancourt at the Macolla B84 oil facility. The facility is operated by the Petrozamora joint venture in the Bachaquero oil field in Zulia state.
Betancourt appeared with NABEP and PDVSA staff, as well as US State Department officials, during a technical supervision visit to the Bachaquero Lago 2 compression station. He reported, “We are monitoring progress at Bachaquero 3 and Ceuta 4, which we hope will be operational within the next four months,” adding that the facility had surpassed the previous record of 115,000 barrels.
According to OPEC’s secondary sources, Venezuela produced an average of 1.15 million barrels per day (bpd) in September. The country’s oil industry has severely deteriorated since 2017, when Washington imposed financial sanctions on the state-owned oil company, PDVSA, and excluded it from the global financial system. A 2019 embargo forced foreign companies to abandon their joint ventures with PDVSA, causing a sharp decline in output and revenue. Currently, sanctions have been temporarily lifted as part of Caracas’ agreement to grant the US full access and control over exports.