US-Venezuela oil deal faces public skepticism despite Chevron expansion

A Bloomberg poll released this week shows Venezuelans are sharply divided over the oil agreement reached between the Trump administration and Venezuela's interim authorities. According to the survey, half of respondents believe the deal benefits the United States more than Venezuela itself.

The agreement represents one of the most significant moves toward reopening Venezuela's oil sector to major international investment since Nicolas Maduro's capture in a US operation in January. Chevron, the American oil major, has confirmed plans for a $7 billion expansion of its Venezuelan operations, alongside Italy's Eni.

Chevron's chief executive Mike Wirth stated that the planned expansion would be self-funded through Venezuela's own oil profits, rather than requiring fresh external financing. This approach addresses concerns about the country's financial capacity to undertake such large-scale projects.

Interim President Delcy Rodriguez has repeatedly sought to reassure Venezuelans that the country retains sovereignty over its oil sector despite the significant American involvement. She has stated that elections will be held only once Venezuela is ready, a position that has drawn criticism from observers questioning the timeline for a return to full civilian, elected government.

Rodriguez has also engaged in diplomatic efforts beyond Venezuela's borders, travelling to Suriname for discussions covering oil cooperation, agriculture, and the disputed seizure of a PDVSA asset. These discussions form part of a broader effort to normalise economic ties in the region as the arrangement with Washington takes shape, following years of international sanctions that severely restricted Venezuela's ability to export crude oil.