Introduction
Venezuela has initiated the process of amending its oil law to fully open up to private companies, marking a shift from its long-standing state-controlled model. This move comes as part of ongoing dialogue with the United States following Nicolas Maduro’s ousting.
Background on Key Figures
Delcy Rodríguez: Former Vice President under Maduro, Rodríguez assumed interim power following a US-led military operation on January 3 that captured Maduro. She has since been invited to the US for a meeting by President Donald Trump, who claims to be governing Venezuela and controlling the export of its oil.
Laura Dogu: Appointed as the new head of the US mission in Venezuela, Dogu previously served as the US Ambassador to Nicaragua. She will operate from Bogotá while the US considers reestablishing its embassy in Caracas.
Oil Sector Reform
A reform to the Oil Law received a favorable first vote in the Venezuelan Parliament on Thursday, aiming to facilitate business with the US and increase dollar inflows. The proposed law allows private companies based in Venezuela to operate independently, moving away from state exclusivity and mixed-company formulas in crude exploration and extraction.
A second discussion of the reform is expected in Parliament for final approval.
US-Venezuela Relations
Despite strained relations since 2019, the US and Venezuela are moving towards gradually reestablishing ties. On Thursday, the US designated Laura Dogu as the new head of its mission in Venezuela, where they plan to reopen their embassy.
Since Maduro’s ousting, the Venezuelan government has made oil agreements and released political prisoners.
Political Prisoners
According to the NGO Foro Penal, 143 political prisoners have been released since January 8, following the government’s announcement of a “significant” number of releases. As of now, 777 political detainees remain incarcerated.
On Thursday, Edmundo González Urrutia’s grandson was released from prison. González Urrutia, a presidential candidate against Maduro in July 2024, fled to Spain after denouncing electoral fraud. His daughter and son-in-law remained in Venezuela with their family.
Rafael Tudares, another political prisoner, was arrested on January 7, 2025, by masked men while taking his children to school. He was sentenced to 30 years in prison for terrorism charges, which he called “retaliation.”
“Without Any Fear”
Rodríguez, in theory, leads the government until Maduro’s return from a New York trial for narcotráfico. The Constitution stipulates she can govern for a maximum of six months, after which new elections should be held.
However, Rodríguez appears to have taken control of the government, restructuring military commands and appointing generals to 12 regional commands across the country.
Trump mentioned Rodríguez at the World Economic Forum in Davos, praising “the leaders of the country” for addressing differences and difficulties.
“We are in a dialogue process, working with the US without any fear, addressing differences and difficulties,” Rodríguez said on Wednesday.
Despite US sanctions, including the freezing of assets in the US, Rodríguez continues her interim presidency.
