Machado Supports US-Venezuela Oil Deal but Questions Rodríguez's Authority
Venezuela's opposition leader María Corina Machado has expressed support for a long-term partnership between Venezuela and the United States to develop the country's oil reserves. However, she has questioned the authority of acting President Delcy Rodríguez to sign the agreement.
The agreement, announced last week by the Trump administration and Caracas, would involve a 25-year arrangement with 17 oilfields and aim for production of 1.5 million barrels per day. Venezuela currently produces around 1.25 million bpd despite holding the world's largest proven crude reserves.
Machado wants to see a 'strong, mutually beneficial partnership' between Venezuela and the United States, built on publicly approved rules and competitive bidding. She has criticized Rodríguez's authority and the process used to negotiate the agreement, citing concerns over who would finance it and what guarantees investors would receive.
The deal is also complicated by ExxonMobil and ConocoPhillips' multibillion-dollar claims stemming from Venezuela's 2007 nationalizations. Venezuela still owes billions on defaulted bonds and nationalization claims, which could impact the viability of any new investment.