Maduro Insists Chevron’s Exit Will Not Impact Venezuela’s Oil Production
Venezuelan President Nicolás Maduro contends that the cessation of Chevron’s operations will not negatively affect oil production. In contrast, opposition leader María Corina Machado believes U.S. sanctions are vital in curbing governmental repression funded by oil revenues. Forecasts suggest economic growth could slow and inflation may rise amidst these developments.
Venezuelan President Nicolás Maduro asserted that the cessation of Chevron’s operations would not impact the nation’s oil production. During a televised address, he declared that production would not decrease even by a liter and expressed confidence that output would increase under his strategy known as “Absolute Productive Independence,” despite sanctions imposed by the United States.
Maduro emphasized, “Oil production will be maintained and will continue to grow.” He reaffirmed his commitment to enhance production, arguing that external pressures would not negatively affect the Venezuelan populace. Recent directives from Washington have mandated Chevron to conclude its operations within a shortened timeframe of 30 days, a significant reduction from the usual six months, prompted by Maduro’s failure to comply with electoral and deportation obligations.
The exit of Chevron represents a significant setback for Venezuela; the company had played a pivotal role in augmenting the nation’s oil production levels to over 1 million barrels per day as of January 2025. Opposition figure María Corina Machado lauded the U.S. measures, positing that they would hinder funds utilized by Maduro’s government for repression, rather than public welfare. She noted that the government reportedly earned up to $4.5 billion from Chevron in the previous year, which she claimed had been squandered on governmental elites rather than essential public services.
In a video call with the Financial Times, Machado articulated that oil revenues were misallocated, stating, “didn’t go to hospitals and schools, it was spent on repression.” She additionally raised concerns regarding the utilization of state funds for the enhancement of forces employed against the population. Machado also remarked on the heightened threat posed to the regime by the Biden administration.
Economic analysts project that these developments could lead to a downturn in Venezuela’s economic growth rate, revising estimates down from 3.2% to 2% for the year. Moreover, they predict a devaluation of the bolivar, contributing to inflation, which reached 48% in 2024. The Biden administration had previously extended Chevron’s license to promote fair electoral practices, yet Maduro’s electoral success on July 28, 2024, has been marred by allegations of fraud from opposition entities, complicating the political landscape and economic recovery efforts within the nation.
In summary, President Maduro maintains that Chevron’s departure will not affect Venezuela’s oil production and instead posits that growth will persist under his policies. However, the opposition argues that U.S. sanctions are crucial in mitigating funds that the regime misuses for oppressive measures. Economic forecasts indicate potential challenges ahead, including slowed growth and intensified inflation, as the political environment remains volatile following allegations of electoral fraud.
Original Source: en.mercopress.com
