Machado: Only Democratic Rule Can Secure Venezuela Oil Investment

Venezuelan opposition leader Maria Corina Machado has said that only a "serious, democratic government" can offer the stability that investors in the country's oil sector require. Her comments came in a video message on Thursday, following a signing ceremony in Caracas where international energy firms committed to expanding their projects.

The ceremony, overseen by interim President Delcy Rodriguez and US Energy Secretary Chris Wright, included signings by Eni, GE Vernova, and Chevron. These agreements represent the latest private-sector push to revive Venezuela's oil industry, which currently produces around 1.25 million barrels per day—a fraction of the 3 million barrels per day it peaked at in the late 1990s.

Machado, who has been outside Venezuela since last year, stressed the strategic importance of the US partnership. "The United States is the principal partner Venezuela needs to fully develop its strategic potential," she said. She argued that attracting sustained, long-term capital requires conditions of profitability, certainty, and security, which she believes are only possible under a legitimate democratic government.

However, Machado noted that the "true scope" of the new deal remains unclear, including details on the signatories, the guarantees provided, and the benefits it would bring to Venezuelans. This deal is separate from a Caracas-Washington arrangement that grants the US access to 17 oilfields.

US officials, including Secretary of State Marco Rubio, have defended the agreement as part of a broader effort to realign Venezuela's energy industry with the US and rebuild the nation. They have also stated that the time is not yet right for elections. Machado's political movement claims it won the 2024 presidential election by a landslide, though official results declared Nicolas Maduro the winner—a result criticized by international observers.