Venezuelan President Nicolás Maduro insists that Chevron’s exit will not affect oil production, promising growth under his plan despite U.S. sanctions. Opposition leader María Corina Machado supports U.S. measures, alleging that government revenues fund repression, not public welfare. Economists predict a slowdown in economic growth and rising inflation, underscoring Venezuela’s challenges amidst these political shifts.
Venezuelan President Nicolás Maduro asserted that the departure of Chevron due to the U.S. ending its license to export crude will not negatively impact the country’s oil production. During his weekly television program, he expressed confidence that production would not drop ‘even a liter’ and emphasized his commitment to increase output under the ‘Absolute Productive Independence’ initiative, despite sanctions imposed by the United States.
Maduro declared, “Oil production will be maintained and will continue to grow,” and he reiterated the resilience of the Venezuelan people in the face of external pressures. He emphasized, “We will recover, we will grow, we will produce, and they will not touch the lives of the Venezuelan people.” While Chevron’s operations had contributed significantly to boosting output to over 1 million barrels per day as of January 2025, the U.S. government has mandated that Chevron cease operations within 30 days due to Maduro’s non-compliance with electoral and deportation obligations.
In contrast, opposition leader María Corina Machado expressed her approval of the U.S. measures, stating they would curtail financing for Maduro’s regime, which she claims funds repression rather than public welfare. She estimated that Maduro’s government profited up to US$ 4.5 billion from Chevron’s activities in the previous year, funds she alleges were directed towards elite security forces and extravagant lifestyles.
Machado, communicating from a concealed location in Venezuela, highlighted that oil revenues were misallocated, stating, “It was spent on repression.” She further questioned where the money had gone, implying that it funded the government’s oppressive apparatus, which has been equipped with new vehicles and advanced technology. Additionally, she noted that the actions of the new Trump administration present a more significant challenge to Maduro’s regime.
Economic analysts from Ecoanalítica have forecasted that this situation may result in a reduction of Venezuela’s economic growth from 3.2% to 2%. They also predict negative implications for the bolivar, Venezuela’s currency, leading to increased inflation rates, which reached 48% in 2024. Previously, the Biden administration had granted Chevron a license in 2022 to promote fair electoral processes, which became critical following allegations of fraud in the July 2024 elections.
In summary, President Maduro maintains that Chevron’s exit will not impact Venezuela’s oil production, asserting plans for growth despite U.S. sanctions. Opposition leader María Corina Machado contends that the government’s finances largely support repression rather than welfare. The potential economic consequences of Chevron’s departure, such as slower growth and increased inflation, indicate the significant challenges facing Venezuela. Overall, the dynamics of U.S.-Venezuela relations remain complex and fraught with implications for the Venezuelan populace.
Original Source: en.mercopress.com
