Venezuelan President Maduro claims oil production will not be affected by Chevron’s exit following U.S. sanctions. He envisions a continual growth in production under his new plan. Opposition leader Machado welcomes the sanctions, asserting they hinder Maduro’s oppressive regime. Analysts warn of potential economic decline and inflation in Venezuela resulting from the loss of Chevron’s operations.
Nicolás Maduro, the Venezuelan President, reaffirmed that his country’s oil production would remain unaffected by Chevron’s departure, stating there would be no decrease in output. In his weekly television broadcast, he emphasized that under his plan for “Absolute Productive Independence,” Venezuela would continue to increase oil production despite ongoing U.S. sanctions imposed during Donald Trump’s presidency.
Maduro promised that production would not only be maintained but would also see growth. He stated, “We will go forward, we will recover, we will grow, we will produce, and they will not touch the lives of the Venezuelan people.” He made these remarks as Chevron received a 30-day notice to cease operations, significantly shorter than the typical six months, due to Maduro’s failure to fulfill electoral and deportation agreements.
Chevron’s commitment was crucial in significantly boosting Venezuelan oil output to over 1 million barrels per day in January 2025, representing the highest rate since June 2019. This abrupt operational halt marks a significant setback for the nation’s oil industry.
Opposition leader María Corina Machado expressed her approval of the sanctions, arguing they restrict funds used for repression rather than benefiting the public. She revealed that the government had generated as much as $4.5 billion from Chevron’s activities in the previous year, funds she claims were allocated to support elite forces and lavish lifestyles of Maduro’s allies rather than public welfare.
In a video call with the Financial Times from her hidden location, Machado criticized the misuse of oil revenues, stating they “didn’t go to hospitals and schools; it was spent on repression.” She added, questioning the destination of the funds: “Where did that money go? To the elite repression forces who now have new vehicles, new weapons and new technology?” Machado acknowledged that the new U.S. administration presents a stronger challenge to Maduro’s regime.
Ecoanalítica analysts predict that Chevron’s exit could lower Venezuela’s economic growth from 3.2% to 2% for the year, destabilizing the bolivar currency and exacerbating inflation, which reached 48% in 2024. The previous Biden administration had authorized Chevron’s license in 2022 with hopes of fostering fair elections. Nonetheless, Maduro’s victory on July 28, 2024, amidst accusations of electoral fraud, has revived concerns about the regime’s legitimacy.
In summary, President Maduro insists that Venezuela’s oil production will not decline despite Chevron’s departure due to U.S. sanctions. He aims to boost production under his “Absolute Productive Independence” plan. Conversely, opposition leader Maria Corina Machado argues that the sanctions effectively limit financial resources used by Maduro for repression, rather than services for the public. Analysts predict economic repercussions, including slowed growth and increased inflation, as a result of the situation.
Original Source: en.mercopress.com
