Venezuela opposition leader Machado calls for privatization of oil industry

Key Points:

• Venezuelan opposition leader María Corina Machado called for full privatization of Venezuela's oil and gas sector, stating the state will step aside to enable private investment and regulation focused on long-term incentives.
• Machado criticized the current state-owned oil company PDVSA as a "criminal organization" and proposed reducing its size before fully privatizing operations, highlighting the need for $150 billion in investment to boost production from 1 million to over 5 million barrels per day.
• Despite U.S. pressure from former President Trump for oil companies to invest in Venezuela, major firms like ConocoPhillips and ExxonMobil remain skeptical, demanding significant political reforms and assurances to protect their investments.
• ConocoPhillips CEO Ryan Lance emphasized the need for recovery of past expropriated assets and criticized recent Venezuelan oil law reforms as insufficient, calling for policy stability both in Venezuela and the U.S. to attract billions in investment.
• Machado envisions a democratic Venezuela with free markets, rule of law, and enforceable contracts, estimating at least nine months to establish conditions for free and fair elections.