Venezuela rejected any loss of sovereignty over its oil resources and guaranteed that it maintains "control and ownership" over oil, after the signing of an agreement with the United States. The Venezuelan government emphasized that the commitments made do not compromise the integrity of its strategic assets in the energy sector.
The agreement with the United States comes in a context of diplomatic tensions and economic sanctions that have affected Venezuela in recent years. Washington has been imposing restrictions on the Venezuelan oil sector, which has a significant impact on the country's economy.
China also maintains important interests in the Venezuelan oil sector, which it has held for years. Chinese companies have significant investments in Venezuela's oil industry, making the country a strategic partner for Beijing in the South American region.
The bilateral agreement apparently aims to establish a framework of understanding between the two countries, but Venezuela made a point of emphasizing that it has not ceded sovereignty over its natural resources. The negotiations reportedly involved issues related to sanctions and the possibility of relief from the restrictive measures imposed by the USA.
