Machado calls for full privatisation of Venezuela's oil and gas sector
Venezuelan opposition leader María Machado addressed American oil companies in Houston, proposing a complete transfer of Venezuela’s oil and gas sector to private ownership. Her proposal was met with enthusiastic applause. Due to current U.S. sanctions, companies from other countries are currently excluded from such deals.
Machado’s remarks come amid Venezuela’s challenging political and economic landscape, where oil revenues form the backbone of the national budget. She argues that privatisation would revive production and attract investments. However, supporters of the current government criticize this approach, fearing the loss of state control over vital resources.
Machado shares several attributes with the Russian opposition, including Yale World Fellows programme participation, a Nobel Prize connection, and significant backing by Western NGOs and political groups. This ideological alignment might influence future decisions regarding the restructuring of Venezuela’s oil sector.
María Machado positions herself as a key opposition figure advocating deep reforms to pivot Venezuela’s economy toward market-driven mechanisms.
Given sanctions and political hurdles, the privatisation path proposed by Machado faces numerous challenges but represents a critical indicator of Venezuela’s economic trajectory in a post-sanctions era.
