Venezuela’s Acting President Rodríguez Bets on Oil Reforms to Revive US Investment

Rodríguez Delivered her Speech as Venezuela’s Opposition Leader, Machado Visited Washington to Meet President Donald Trump

Venezuela’s Acting President Delcy Rodríguez has announced a “partial reform” of the country’s hydrocarbon legislation during the annual “Memoria y Cuenta” speech before the National Assembly on Thursday (January 15, 2026).

The oil reform announcement comes amid repeated claims by Washington to take control of Venezuelan crude dealings. 

Rodriguez Proposes Oil Reform

Venezuela's interim president, Delcy Rodriguez, delivers her first annual address to the nation at the National Assembly, following the US strike in Caracas that resulted in the capture of President Nicolas Maduro and his wife, Cilia Flores.

“We have brought a draft of a bill that aims to incorporate the productive models of the Anti-Blockade Law into the Hydrocarbon Law,” she told deputies. “The new investments will be directed to areas where there was no prior investment or no infrastructure.”

Rodriguez also called for diplomacy with the US, and said that she would travel to Washington "walking on her feet, not dragged there."

Venezuela Hydrocarbon Law

The 2001 Hydrocarbon Law was one of the major early projects in former President Hugo Chávez’s tenure. The legislation reasserted the Venezuelan state’s sovereignty over the oil industry, significantly raising royalties and taxes and mandating that state oil company PDVSA retain majority stakes in joint ventures. 

Venezuela’s National Constituent Assembly (2017-2020) approved the Anti-Blockade Law in 2020 in an effort to skirt US-led economic sanctions. The bill spurred the creation of several business models favoring private investors. 

Revenues Sent to US-controlled Account

On Wednesday (January 14, 2026), senior Trump officials unveiled the first sales worth US $500 million, with the funds deposited in accounts controlled by the US government. Multiple outlets reported that the main account holding the proceeds is located in Qatar.

One US official described Qatar as a “neutral location where money can flow freely with US approval and without risk of seizure.” 

The Oil Deal: Unclear or US Hiding Data?

The Trump administration has courted oil companies about investing in Venezuela, claiming that they will only “deal” with Washington rather than Venezuelan authorities. 

The scope of US control over Venezuelan oil sales, as well as the mechanisms to return proceeds to Caracas, remains unclear. US Treasury Secretary Scott Bessent announced upcoming sanctions withdrawals or waivers to facilitate transactions.

Venezuela’s Central Bank has been under US Treasury sanctions since 2019. Similarly, Washington has levied wide-reaching unilateral coercive measures against the oil industry, including financial sanctions, an export embargo, and secondary sanctions.

Oil, Geopolitics & More

The US Navy has imposed a naval blockade and seized multiple tankers since December in an effort to strong-arm Caracas. 

Washington’s unilateral actions saw two Chinese-flagged supertankers turn back amid trips to load Venezuelan oil. 

The Chinese government reiterated its condemnation of the January 3 US attacks and pledged to “take all necessary measures to protect its legitimate rights and interests in Venezuela.”

Final Thoughts

Earlier on Thursday, opposition leader Maria Corina Machado met U.S. President Donald Trump at the White House. The Nobel Peace Prize winner said after the meeting that her supporters could count on Trump. 

Trump spoke to Rodriguez over the phone a day earlier, when he praised her as a "terrific person" following a discussion of oil, minerals, trade, and security.

Machado’s role in Venezuelan politics remains uncertain as Rodríguez’s government has been effectively relieved of having to hold elections for the foreseeable future.