Commodities November 12, 2026 05:00 AM

Venezuela Asserts Right to Expand Oil Output at COP31, Cites Environmental Stewardship

Acting president defends oil development as compatible with climate action while other leaders urge faster moves to clean energy

By Maya Rios
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Speaking at the COP31 climate talks on Turkey's Mediterranean coast, Venezuela's Acting President Delcy Rodriguez said the country has a sovereign right to bolster its oil sector even as it recognises the need to address climate change. Her remarks contrasted with appeals from other delegates to accelerate a transition away from fossil fuels and aligned with U.S. efforts to mobilise investment to increase Venezuelan oil output. British Prime Minister Andy Burnham used his speech to argue that recent energy supply shocks underscore the need to switch to clean energy for energy security.

Venezuela Asserts Right to Expand Oil Output at COP31, Cites Environmental Stewardship
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Key Points

  • Venezuela's Acting President Delcy Rodriguez told COP31 delegates the country has a sovereign right to develop its oil industry while recognising the need to combat climate change - impacts oil and gas, sovereign energy policy, and export markets.
  • Rodriguez highlighted Venezuela's forests as a net carbon sink that absorbs more carbon than the country emits - relevant to national emissions accounting and environmental policy discussions.
  • Her remarks coincide with U.S. efforts to mobilise funding to increase Venezuelan oil output; other leaders at COP31 urged faster transitions to clean energy citing recent energy supply disruptions - relevant to energy security and renewables investment debates.

ANTALYA, Turkey, Nov 12 - At the COP31 climate conference being held on Turkey's Mediterranean coast, Venezuela's Acting President Delcy Rodriguez made a public defence of her country's plans to develop its oil industry while stating an acknowledgement of the importance of fighting climate change.

Addressing delegates, Rodriguez framed oil development as a matter of national sovereignty and economic development. "We reaffirm our sovereign right to strengthen our energy and oil industry as a driver of our national development," she said, adding that "it is possible to grow and protect the environment at the same time." Rodriguez also pointed to Venezuela's forests as providing an environmental benefit, saying they act as a "lung for the planet" by absorbing more carbon than the country emits.

Her comments come amid broader COP31 efforts in which many leaders and negotiators have urged governments to speed up transitions away from carbon-emitting fossil fuels. Those appeals aim to reduce global greenhouse gas emissions and limit warming in line with internationally agreed targets.

At the same time, Rodriguez's position aligns with ongoing United States initiatives to raise billions of dollars to boost oil production in Venezuela. Venezuela is a member of the Organization of the Petroleum Exporting Countries and efforts to increase its output have been discussed in the context of shifting energy supplies in the Western Hemisphere.

The Venezuelan acting president did not, in her remarks, address the effect that oil exported from the country has on global emissions.

In a separate intervention earlier in the day, British Prime Minister Andy Burnham emphasised the case for accelerating the move to clean energy, citing recent energy supply disruptions as evidence of vulnerability from reliance on external sources. He pointed to the impact of the US-Israeli war with Iran and Russia's war with Ukraine as examples that, in his view, underline the risks of depending on energy that countries do not control. "It is now plain for everyone to see that if we depend on energy we do not control, then we leave ourselves exposed to prices we cannot control," Burnham said. "The shift to clean energy is the only route to energy security."

Thursday marked the fifth day of the two-week COP31 conference, where representatives from nearly 200 countries are seeking agreement on steps to accelerate progress in tackling climate change. A United Nations report released last month, referenced during the talks, concluded that the world remains on track to exceed the 1.5 degrees Celsius warming limit that countries pledged to aim for under the 2015 Paris Agreement, a threshold identified as critical to avoiding the most severe impacts of climate change.


Contextual note - The day’s interventions highlighted a tension apparent at the talks: statements defending the expansion of national oil industries framed as sovereign development priorities contrasted with calls from other leaders to prioritise rapid decarbonisation and energy-system transformation.

Risks

  • Potential policy tension between expanding oil production and international calls to reduce fossil fuel use - risk for oil and gas and clean energy policy coherence.
  • Unaddressed global emissions from Venezuelan oil exports - uncertainty for global emissions trajectories and oil market scrutiny.
  • Energy supply disruptions referenced at the conference underline geopolitical volatility affecting energy markets and the push for energy security - risk for energy market stability and trade flows.

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