Machado calls for democratic transition and elections in Venezuela
Venezuelan opposition leader María Corina Machado called for a democratic transition and the holding of elections after Venezuela's interim government concluded a large-scale oil deal with the United States. As Channel NewsAsia reports, she released the corresponding video statement on September 3.
According to the outlet, the deal gives the United States access to more than 65 billion barrels of oil in Venezuela, amounting to nearly 20% of the country's oil. Venezuela has the world's largest proven oil reserves.
Call for a democratic transition
Machado said that the oil sector is only part of the large-scale reconstruction the country needs. According to her, Venezuela requires significant investment, but development also requires strong institutions and a government elected by popular vote.
She said she understands Venezuelans' frustration over the lack of transparency in the agreements. Machado also stressed that mineral wealth belongs to the people of Venezuela, not to what she called an illegitimate regime. At the same time, the politician described the United States as the main partner Venezuela needs to develop its strategic potential.
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The deal and negotiations
US President Donald Trump and Venezuela's interim leader Delcy Rodríguez welcomed the deal while putting aside the issue of holding elections in the near future. Trump said that, in his view, Venezuela is not yet ready for elections. Rodríguez supported this position.
According to Channel NewsAsia, Rodríguez took over leadership of the country after US forces removed President Nicolás Maduro in January. US Energy Secretary Chris Wright visited Venezuela on September 2 to sign agreements between Caracas, Chevron, GE Vernova, and Italy's ENI. He said that the United States is not taking Venezuelan oil but is bringing in funding and technology to develop a resource that is not being used.
Rodríguez estimated Venezuela's revenue from the agreements at $209 billion over 25 years. The next stage of negotiations on the transition process, with US support, is to take place within 10 days, according to US Secretary of State Marco Rubio.
