Proud of their oil, Venezuelans view US stake in their reserves as a surrender

CARACAS, Venezuela (AP) – Nothing has shaped what it means to be Venezuelan today more than oil.

For more than 100 years, in good times and bad, Venezuelans' identity has been built around the belief that their country's bountiful oil resources belong to the individuals, not a administration or a firm.

This belief, and a troubled nation's pride, took a bruising last week when acting President Delcy Rodríguez agreed to offer the United States control of roughly one-fifth of Venezuela's oil reserves – the largest in the world.

While the accord could eventually generate billions of dollars for an oil industry and economy wrecked by years of mismanagement, numerous Venezuelans see it as a surrender. Some say they are not surprised; they believe that gaining control of Venezuelan oil was the ultimate objective when President Donald Trump ordered U.S. Forces to capture then-President Nicolás Maduro at the beginning of the year, leaving Rodríguez in charge.

"It's not just worrying, it's outrageous, because we, like a drop in the ocean, have no power to intervene, " Lisandro Castro, an architect in the capital, Caracas, remarked referring to fellow citizens. "There is genuine collective concern in Venezuela right now about what we are witnessing."

For now, proud of their oil, Venezuelans view US stake in their reserves as remains the part of the story worth watching, and further updates are likely as more details are confirmed.