Venezuela’s interim President Delcy Rodríguez has announced plans to reform the country’s hydrocarbon law, signaling a major shift in energy policy as U.S. investors push for greater access to the world’s largest proven oil reserves. Speaking on Thursday in her first annual address to lawmakers since taking office, Rodríguez said she would submit a proposal aimed at unlocking investment in oil fields that have long been dormant or lack basic infrastructure.
Rodríguez said the proposed reforms would allow foreign and domestic investment flows to be channeled into new areas where development has never taken place, as well as into existing fields that have been left idle due to years of underinvestment and sanctions. She framed the move as essential to reviving Venezuela’s collapsing oil industry and pledged that revenues generated from increased production would be directed toward workers’ wages and public services.
The announcement comes amid growing U.S. involvement in Venezuela’s oil trade. Washington has said that around $500 million has already been generated from oil sales under a new arrangement with Caracas, with the proceeds held in U.S.-controlled bank accounts. Industry sources familiar with the plan say the main account is located in Qatar, underscoring the tight international oversight now surrounding Venezuelan oil revenues.
Rodríguez was sworn in as interim president just ten days ago after U.S. forces captured President Nicolás Maduro and transferred him to the United States to face drug trafficking charges, which Maduro denies. His removal has triggered a rapid realignment of power in Caracas and opened the door to policy changes that were previously unthinkable under his rule.
In a notable departure from years of hostile rhetoric, Rodríguez called for diplomacy with the United States and said she was prepared to travel to Washington if necessary. “I would go walking on my feet, not dragged there,” she said, underscoring a more conciliatory tone toward a country long portrayed by Venezuelan leaders as an enemy.
Rodríguez also outlined a political vision extending into 2026, saying she intended to “forge a new politics in Venezuela” while praising long-serving members of the current government. Her remarks suggested continuity in governance alongside pragmatic adjustments designed to stabilize the economy and restore investor confidence.
Her address came shortly after opposition leader María Corina Machado met U.S. President Donald Trump at the White House. The White House press secretary later told reporters that Trump viewed Rodríguez as cooperative and was encouraged by her approach, while maintaining that Machado was not seen as a realistic alternative leader for Venezuela. Machado, speaking briefly after the meeting, said the talks had gone well and that she and her supporters could count on Trump’s backing.
Together, the oil reform proposal and the softer diplomatic stance point to a significant recalibration in Venezuela’s domestic and foreign policy. As the interim government seeks legitimacy and economic relief, the success of Rodríguez’s plan may hinge on whether foreign investors are willing to re-enter a sector scarred by years of political turmoil, legal uncertainty, and declining output.
