President Nicolás Maduro claims Venezuela’s oil production will not be affected by Chevron’s exit due to U.S. sanctions and pledges growth under his “Absolute Productive Independence” plan. Opposition leader María Corina Machado supports U.S. measures, arguing they cut off repressive funding. Economic forecasts suggest risks of slowing growth and inflation in the absence of Chevron.
Venezuelan President Nicolás Maduro asserted that the recent termination of Chevron’s crude export license by the United States will not impact the nation’s oil production, claiming it would not decline “even a liter.” During his weekly television broadcast, he emphasized his commitment to increase output through his initiative termed “Absolute Productive Independence,” despite ongoing sanctions imposed by former U.S. President Donald Trump.
Maduro confidently stated, “Oil production will be maintained and will continue to grow.” He reiterated intentions to advance, recover, and enhance production, ensuring that the plight of the Venezuelan populace will not be affected. However, Washington’s directive mandated Chevron to terminate operations in just 30 days, a significant reduction from the previous six-month period, following Maduro’s failure to meet obligations regarding electoral integrity and deportations.
The exit of Chevron poses a considerable setback for Venezuela, notable for its contribution to elevating oil output to over one million barrels per day as of January 2025, the highest figure since June 2019. Contrastingly, opposition figure María Corina Machado expressed support for the U.S. actions, contending that they disrupt funding that the Maduro government utilizes for suppression, rather than benefiting the general public. She pointed out that the government purportedly generated up to $4.5 billion from Chevron’s operations last year, which was allegedly allocated to support elite military forces and an extravagant lifestyle for allied officials.
In remarks made from a concealed location in Venezuela, Machado criticized the allocation of oil revenues, stating, “they did not go to hospitals and schools, it was spent on repression.” She also raised concerns about the misappropriation of public funds, questioning, “Where did that money go?” and adding that it was redirected toward enhancing the capabilities of oppressive forces. Moreover, she acknowledged an increasing threat to Maduro’s administration under the new Trump administration.
Analytical reports from Ecoanalítica forecast a potential decline in Venezuela’s economic growth from 3.2% to 2% this year, a weakening of the bolivar, and exacerbating inflation, which reached 48% in 2024. Previously, the Biden administration had issued Chevron a license in 2022, aimed at fostering fair electoral processes. Nevertheless, allegations of fraud marred Maduro’s electoral victory on July 28, 2024, as opposition representatives indicated that Edmundo González Urrutia had emerged victorious, contrary to announcements from the government-controlled National Electoral Council (CNE).
In summary, President Nicolás Maduro remains optimistic that Venezuela’s oil production will remain stable despite the revocation of Chevron’s export license due to U.S. sanctions. Opposition leader María Corina Machado contends that these sanctions will hinder the regime’s use of oil revenues for repressive purposes. Economic forecasts suggest a slowdown in growth and potential inflation increases due to the absence of Chevron, which highlights the ongoing challenges within Venezuela’s political landscape.
Original Source: en.mercopress.com
