Venezuela Opposition Leader Links Oil Investment to Democratic Stability

Venezuelan opposition leader Maria Corina Machado has cautioned that international investment in the country's oil sector will only thrive under a democratic government. In a video message on Thursday, the Nobel Peace Prize laureate argued that long-term capital requires legitimacy, security, and reduced country risk—conditions she says are absent under the current administration.

Her remarks follow a signing ceremony on Wednesday where international energy companies, including Eni, GE Vernova, and Chevron, committed to expanding projects in Venezuela. The event was overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright. These agreements are separate from a broader Caracas-Washington arrangement that grants the U.S. access to 17 oilfields.

Venezuela currently produces roughly 1.25 million barrels per day, well below its peak of 3 million barrels per day in the late 1990s. Machado stressed that the partnership with the United States is strategic for both nations, but warned that the true scope of the recent deal remains unclear—including its guarantees and benefits for Venezuelans.

U.S. officials have defended the engagement as a step toward rebuilding Venezuela's energy industry and aligning it with American interests. President Donald Trump said Venezuela is "not ready" for elections, praising the current government's cooperation. Vice President JD Vance suggested the deal would boost global oil supply and lower gasoline prices, while also directing some revenue to the American people, though he offered no specifics or timeline.

Machado, who has been outside Venezuela since late last year, has cultivated ties with the Trump administration. International observers have disputed the official results of the 2024 presidential election, which Machado's movement claims it won by a landslide, while Venezuelan authorities declared Maduro the victor.