Proud of their oil, Venezuelans view major U.S. stake in their reserves as a surrender
Summary
Venezuela has one of the largest oil reserves in the world, and oil has been a big part of its history and identity for over 100 years. Recently, Venezuela agreed to give the United States control of about one-fifth of its oil reserves, a move that has caused concern and disappointment among many Venezuelans.Key Facts
- Venezuela’s identity and economy have long been closely tied to its large oil reserves.
- Acting President Delcy Rodríguez agreed to give the U.S. control of about 20% of Venezuela’s oil reserves.
- Many Venezuelans view this agreement as a loss or surrender of their national resources.
- Oil discovery in the 1920s transformed Venezuela from a poor country to a regional power.
- Venezuela co-founded OPEC and nationalized its oil industry in the 1970s.
- Oil revenues once paid for social programs and public benefits in Venezuela.
- Economic problems began when oil prices dropped in the 1980s, leading to social unrest.
- Corruption and mismanagement hurt Venezuela’s oil company under Presidents Chávez and Maduro.
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