VENEZUELA’S interim President Delcy Rodriguez insists that her country is preserving its sovereignty despite handing over control of 65 billion barrels of its oil to the US.

In a televised address to the nation on Saturday, Ms Rodriguez said the deal handing control of the oil to the US for the next 25 years will allow Venezuela to develop its oil industry while preserving “ownership of and sovereignty” of its resources.

She said the project will allow the development of 17 strategic oilfields with an initial production target of 1.5 million barrels per day.

The broader plan also includes the development of eight greenfield oil blocks as part of a wider expansion of the country’s energy sector.

Ms Rodriguez explained that under the deal, $19 (around £14) from every barrel of oil produced and sold to the US will flow to Caracas.

She said the arrangement could be worth $209 billion (£154bn) per year to Venezuela.

Venezuela will keep ownership of its natural resources “while leveraging capital, technology and operational expertise to support the recovery of a strategic industry that has been severely affected by sanctions,” she said.

The remarks from the interim president follows an announcement by US President Donald Trump on Friday for Washington to take partial control of Venezuela’s vast oil reserves.