Key facts
- Venezuelan opposition leader María Corina Machado questioned a recent oil deal between Donald Trump and Venezuela's interim government.
- Machado stated that Venezuela's natural resources belong to the Venezuelan people and not to an 'illegitimate regime.'
- She acknowledged the U.S. as a necessary partner for Venezuela's development but questioned the authority of the interim government to sign the deal.
- The agreement reportedly involves 65 billion barrels of Venezuela's proven crude oil reserves.
- The White House claims the deal aims to secure U.S. energy dominance and remove foreign malign influence.
- Critics describe the deal as predatory and fear it will hinder efforts for new presidential elections.
Venezuelan opposition leader María Corina Machado is backing a long-term U.S. role in developing the country’s oil reserves but questions the authority of the interim government to sign a sweeping agreement with Donald Trump. Machado stated that Venezuela's natural resources belong to the Venezuelan people and not to an 'illegitimate regime.'
Machado called for a 'strong, mutually beneficial partnership' between Venezuela and the United States and promoted a development model built around publicly approved rules and competitive bidding. Her criticism centered on Rodríguez’s authority and the process used to negotiate the agreement.
The Trump administration and Caracas announced the agreement last week. Rodríguez has described a 25-year arrangement involving 17 oilfields and a production target of 1.5 million barrels per day. The full contract has not been released publicly. Venezuela currently produces roughly 1.25 million bpd despite holding the world’s largest proven crude oil reserves.
Years of underinvestment also left pipelines, power systems and production facilities in poor condition. Foreign oil companies have another problem to solve before writing large checks, as ExxonMobil and ConocoPhillips still hold multibillion-dollar claims stemming from Venezuela’s 2007 nationalizations. ConocoPhillips alone is owed roughly $10 billion to $12 billion.
Machado’s position adds another layer, as she wants U.S. capital and expertise in Venezuela’s oil industry and is not calling for the agreement to be abandoned. She is arguing that future development should rest on rules capable of surviving a change in government. A 25-year oil project only works if the contract lasts longer than the people who signed it.