Venezuela’s ruling party backs oil deal as Democrats slam 'private grab'

Venezuela's ruling United Socialist Party of Venezuela (PSUV) on Saturday endorsed a sweeping oil agreement with Washington that would grant the United States majority control of the South American nation's proven reserves, as Democratic senators accused President Donald Trump of deploying troops to secure private profit rather than public interest.

Socialist Party endorsement

The PSUV expressed "full support" for acting President Delcy Rodriguez and the energy sector agreements in a statement posted on X, saying the deal could help Venezuela overcome more than a decade of US sanctions while supporting economic recovery and workers' incomes. The party stressed that Venezuela's "immense hydrocarbon reserves" must serve national development within the country's constitutional framework.

Democratic backlash

Senator Chris Van Hollen of Maryland rejected Trump's characterization of the deal, writing on X: "Let’s be clear: this isn’t a win," and arguing that the president put US service members at risk "to get Venezuelan oil for his billionaire buddies." Virginia Senator Tim Kaine similarly charged that Trump orchestrated the ouster of President Nicolas Maduro to "control Venezuelan oil," asking "Will prices come down for Americans? Who knows," in a post on X.

Kaine said the agreement would "pad the pockets of Trump family and Big Oil companies," adding: "Bottom line—Using our troops for a private oil grab is corruption at epic scale!" Republican Senator Bernie Moreno defended the arrangement on X, saying Democrats would have allowed Venezuelan oil to flow to China instead.

Historic deal terms

Trump has described the agreement as the "biggest oil deal in world history," saying it will more than double US oil reserves and sharply lower gasoline prices for American consumers, while Rodriguez called the pact a "historic milestone in bilateral relations between Venezuela and the US." Under the terms of the concession, Rodriguez granted a private joint venture a 100-year lease to operate oil fields containing approximately 65 billion barrels of proven reserves, according to CBS News.

The US would control 55 percent of the venture through equity stakes and access to oil at cost, according to the network.