Venezuela's Interim Leadership Proposes Major Oil Reforms Amid U.S. Scrutiny

Wed Feb 18 2026 10:41:47 GMT+0200 (Eastern European Standard Time)

Delcy Rodríguez, Venezuela’s interim president, outlines plans to reform the oil sector and open the industry to foreign investment, promising to tackle economic challenges and sovereign diplomacy.

In her inaugural state of the union address, Delcy Rodríguez, Venezuela's interim president, proposed significant reforms to the country’s oil industry, aiming to attract foreign investment and pivoting away from former president Maduro’s policies. Rodríguez emphasized the need for diplomacy in dealing with the United States, particularly regarding the economic recovery amidst the U.S. detention of Maduro and the complexities surrounding international oil involvement in Venezuela.

Venezuela's interim president Delcy Rodríguez has proposed new oil reforms in her first state of the union address since former president Nicolás Maduro was seized by the US.

Rodríguez stated her intention to reform the law that restricts foreign involvement in the country's oil industry—moving away from Maduro's restrictive policies.

She indicated readiness to address the US politically, claiming Venezuela must defend its dignity and honour amidst claims by President Donald Trump regarding potential profits for US oil companies operating in Venezuela.

Trump has suggested an investment of at least $100 billion from oil companies in Venezuela, despite some executives dubbing the country uninvestable at present.

Rodríguez, sworn in on January 5, expressed the challenges of delivering a report originally drafted with Maduro, amidst ongoing political turmoil.

Amidst threats to national sovereignty, she called for unity and a firm diplomatic stance, indicating her willingness to engage with US leadership directly if needed.

Rodríguez aims to reform the hydrocarbon law that demands foreign partners co-invest with state-owned PDVSA, allowing for greater flexibility in attracting capital.

Additionally, she proposed the creation of two sovereign funds dedicated to social welfare and infrastructure development, amidst concerns regarding food inflation and economic hardship facing Venezuelans.

With the backdrop of a complicated relationship between Venezuela and international oil firms, reform efforts parallel the growing interest from American investors as both countries face an intricate geopolitical landscape.