Venezuela Signs 100-Year Oil Deal and Vows Future Elections

Acting President Delcy Rodríguez announced that Venezuela will hold presidential elections once the country is ready, though she declined to provide a specific timeline. The announcement followed a meeting in Caracas with U.S. Energy Secretary Chris Wright and the signing of energy agreements with oil executives.

These agreements establish a 100-year venture with North American Blue Energy Partners to manage approximately 65 billion barrels of Venezuelan oil reserves. The partnership aims to revitalize aging wells and transform the national economy. While Rodríguez described the framework as a win-win, U.S. President Donald Trump stated that Venezuela is not yet ready for elections.

The interim government continues to face domestic criticism regarding its response to deadly twin earthquakes that struck in June. To address political instability, the government has restarted negotiations with an opposition faction to determine voting terms, with a second round of talks scheduled for the second half of September.