Venezuela Eyes Big Oil Growth but Demands Clear Rules

A Venezuelan opposition leader is urging the country to welcome new oil investors while insisting on stronger safeguards and clearer contracts. She highlighted that early interest from foreign firms is a good sign, but it must come with full transparency and legal certainty. The speaker said Venezuela could reach a production level of five million barrels a day, but would need about $150 billion in new funding. Today the nation produces roughly one million barrels daily, so the gap is wide.She argues that the state oil company should shrink in size and hand over day‑to‑day operations to private hands, yet she wants the U. S. refinery Citgo—still owned by the state firm—to stay in Venezuelan control as a strategic asset. Losing Citgo, she warned, would hurt both Venezuela and U. S. energy security. The leader referenced ongoing court battles that could force the sale of Citgo’s parent company to creditors, noting that the outcome is still uncertain. Her message comes ahead of a major energy conference in Houston, where she plans to speak about these issues.