María Corina Machado, an outspoken opposition leader in Venezuela, asserts that the era of significant Chinese investment in the country’s oil sector has come to an end.
China’s reluctance to engage with the Maduro regime stems from its recognition of the corruption and ineptitude that have plagued the government.
This diminishing Chinese involvement has resulted in a steep decline in oil production, from 70,000 barrels per day in 2016 to less than 40,000 today.
The situation in Venezuela poses significant risks for potential investors.
Machado highlights the dire state of the nation by referencing the World Justice Project, which ranks Venezuela last in the world for rule of law.
She firmly states that the potential for development is stifled under a regime characterized by crime and dictatorship, despite the country’s vast oil reserves.
Amidst these challenges, Machado believes change is possible. She outlines a clear vision for Venezuela’s recovery, emphasizing the importance of security, restoration of basic services, and market openness.
The sentiment is that Venezuela is poised to rebuild, waiting for the opportunity to create a better future.