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News > Venezuela

President Maduro Highlights Venezuelan Economic Prospects

  • President Nicolas Maduro, Caracas, Venezuela, Dic. 2022.

    President Nicolas Maduro, Caracas, Venezuela, Dic. 2022. | Photo: Twitter/ @NicolasMaduro

Published 5 December 2022

On Saturday, the Biden administration authorized Chevron to resume some oil-related operations in Venezuela.

On Sunday, President Nicolas Maduro highlighted the promising prospects for the nation that the current process of economic growth and prospects for oil production generate.


Venezuela and Chevron Sign Contracts To Continue Operations

"We are recovering the Homeland with work, effort, and deep love for our people. Today we live in peace, joy and with a promising future for all," he said.

On Nov. 26, his administration and the opposition Unitary Platform (PU) signed a second partial agreement for the social protection of the Venezuelan people.

This agreement is aimed at recovering over US$3 billion belonging to the Venezuelan State that were seized by the United States and its allies. Once these resources are available, they will be used for projects related to the provision of education and health services.

Despite the pandemic and the U.S. sanctions, the Venezuelan economy has grown by 10 percent in the last year, mainly thanks to the support of the Bolivarian government to the private sector.

On Dec. 2, the Maduro administration and the U.S. company Chevron signed contracts for the joint production of oil, which further amplifies the prospects for economic growth.

The next day, the administration of President Joe Biden authorized Chevron to resume some natural resource extraction operations in Venezuela. This decision happened after the resumption of the dialogue between the Bolivarian government and the opposition in Mexico.

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