Background on Delcy Rodríguez and Venezuela’s Oil Industry
Delcy Rodríguez, the acting President of Venezuela, recently held meetings with executives from Spanish company Repsol and French firm Maurel & Prom. These discussions took place amidst ongoing sanctions imposed by the United States, as reported by state-owned oil company Petróleos de Venezuela (PDVSA).
Venezuela’s Oil Sector Under Pressure
In response to pressure from the United States, Venezuela approved an oil sector reform aimed at attracting foreign investment. Meanwhile, U.S. President Donald Trump claims to manage the marketing of Venezuelan crude oil.
U.S. Sanctions and Recent Developments
The U.S. has maintained an oil embargo on Venezuela since 2019. However, following the approval of the reform, the U.S. Treasury has issued licenses that ease these sanctions.
Objective of the Meetings
According to PDVSA’s Telegram posts, the meetings were conducted “to further consolidate energy sovereignty” and to establish strategic alliances that enhance production.
Participants in the Meetings
During these meetings, PDVSA President Héctor Obregón also participated. Delcy Rodríguez, who assumed power after Nicolás Maduro’s fall on January 3 due to a U.S.-led operation, did not comment on the gathering.
Existing Operations in Venezuela
Repsol and Maurel & Prom have been operating in Venezuela for years through “mixed companies,” a shared ownership model where the Venezuelan government holds the majority stake.
Venezuela’s Oil Reserves and Production
Venezuela boasts the world’s largest oil reserves. In 2025, it reached a production high of 1.2 million barrels per day, a significant improvement from the 300,000 barrels extracted in 2020. However, this figure is still far from the peak of 3 million barrels achieved at the beginning of the century.
Oil Sector Reform
The recently approved reform amends a 2006 law, offering greater assurances to private investors, ceding state control over exploration, and reducing taxes. Analysts predict that oil production will gradually increase under this new legal framework.
Key Questions and Answers
- Who is Delcy Rodríguez? Delcy Rodríguez is the acting President of Venezuela, who assumed power following Nicolás Maduro’s ouster in January 2022.
- What are the current sanctions on Venezuela’s oil industry? The United States has imposed an oil embargo on Venezuela since 2019. However, recent developments include U.S. Treasury licenses that ease these sanctions following Venezuela’s approval of an oil sector reform.
- What are mixed companies in Venezuela’s oil sector? Mixed companies are a shared ownership model where the Venezuelan government holds the majority stake, and private companies like Repsol and Maurel & Prom operate alongside state-owned PDVSA.
- What is the significance of the recent oil sector reform? The reform amends a 2006 law, offering greater assurances to private investors, ceding state control over exploration, and reducing taxes. This is expected to gradually increase oil production in Venezuela.
