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 has questioned the legitimacy and terms of a recent oil deal between Donald Trump and Venezuela's interim government, arguing that only a democratic government can provide the stability needed by investors. Machado stated that Venezuela's natural resources belong to the Venezuelan people and not to an 'illegitimate regime.'
Machado supports a long-term U.S. role in developing the country's oil reserves but criticized the interim government's authority to sign the sweeping agreement. She called for a 'strong, mutually beneficial partnership' built around publicly approved rules and competitive bidding. The Trump administration and Caracas announced the agreement last week, with interim President Delcy Rodríguez describing 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, while Venezuela currently produces approximately 1.25 million bpd despite holding the world's largest proven crude oil reserves.
Years of underinvestment have left Venezuela's oil infrastructure in poor condition. Additionally, foreign oil companies like ExxonMobil and ConocoPhillips hold multibillion-dollar claims stemming from Venezuela’s 2007 nationalizations, with ConocoPhillips alone owed an estimated $10 billion to $12 billion. Machado's stance suggests a desire for future development to rest on contracts that can survive governmental changes, ensuring long-term viability for projects.