Venezuela's New Leader Unveils Bold Oil Reforms

Fri Jan 16 2026 18:16:48 GMT+0200 (Eastern European Standard Time)

In her first state of the union address, interim president Delcy Rodríguez proposes significant reforms to Venezuela's oil industry, aiming to attract foreign investment amidst ongoing economic struggles. The proposals signal a shift from previous policies and a push for national unity.

Delcy Rodríguez, Venezuela's interim president, has announced plans for sweeping reforms to the country's oil laws that would increase foreign involvement in its oil sector. In her address, she emphasized the need for diplomatic engagement with the U.S., the country’s significant oil reserves, and the challenges faced by Venezuelans in the wake of an economic crisis. Rodríguez indicated that the reforms aim to create sovereign funds for social development as the nation seeks stability and recovery in a complicated international landscape.

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 said she wanted to reform the law that limits foreign involvement in the country's oil industry - a move away from Maduro's policies.

She said she was not afraid to face the US diplomatically through political dialogue, adding Venezuela had to defend its dignity and honour.

President Donald Trump has signaled that US oil companies could enter Venezuela to capitalize on its vast oil reserves, but significant investment would be required to make the country attractive for business.

In her address, Rodríguez announced the proposal to reform the country's hydrocarbons law and requested legislative approval. The reforms are meant to allow foreign investment into new oil fields and create social funds aimed at addressing Venezuela's economic situation.

As Venezuela continues to face high inflation and food shortages, Rodríguez's proposals come at a critical time when national unity and international cooperation are deemed essential for recovery.