Machado says Venezuela needs ‘more than money’ after US oil deal

President Donald Trump has dismissed the idea of Venezuelan elections taking place in the near future.(AFP) — Venezuelan opposition figure María Corina Machado on Thursday called for a democratic transition in her country after the interim government struck a massive oil deal with the United States.The agreement grants the U.S. access to more than 65 billion barrels — almost 20% — of oil in Venezuela, which holds the largest proven reserves in the world.Celebrating the “historic” pact Wednesday, U.S. President Donald Trump and Venezuelan interim leader Delcy Rodríguez both sidelined the notion of elections in the near future.Machado, a Nobel Peace Prize laureate, said genuine development required a democratic transition.“The oil sector is only one part of the immense reconstruction we must undertake in Venezuela,” she said in a video statement.The South American country “requires colossal investments,” she said, “but it needs much more than money.”“No development is possible without solid institutions and a government elected by popular vote,” added Machado, who lives in exile in Panama.U.S. Energy Secretary Chris Wright traveled to Venezuela Wednesday to oversee the signing of deals between Caracas and oil major Chevron, GE Vernova, a General Electric offshoot, and Italy’s ENI.He insisted that the U.S. was not “stealing Venezuelan oil” in comments to AFP and other media outlets.“All we’re doing is taking an idle, underground asset that isn’t doing anything for Venezuelan people and bringing the money, the technology to develop it,” Wright said.Trump meanwhile dismissed the idea of Venezuelan elections taking place in the near future.“I just don’t think they’re ready yet,” he told reporters.Interim leader Rodríguez, who took the reins after U.S. forces ousted President Nicolás Maduro in January and effectively does Washington’s bidding, echoed Trump’s comment.The joint rebuff of elections dashed some Venezuelans’ hopes that the recent launch of Washington-backed transition talks would lead to a popular vote.Machado criticized the oil deal’s lack of transparency while taking care not to blast the U.S. too strongly.“We still don’t know the true scope of this agreement: who is signing? What exactly is being signed?” Machado asked.“The wealth in our subsoil does not belong to an illegitimate regime; it belongs to the Venezuelan people,” she said, adding that “of course, the United States is the main partner that Venezuela needs to fully develop its strategic value.”Subscribe to our free newslettersOur weekly newsletter Closing Arguments offers the latest about ongoing trials, major litigation and rulings in courthouses around the U.S. and the world, while the monthly Under the Lights dishes the legal dirt from Hollywood, sports, Big Tech and the arts.Additional Reads