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Venezuela acting leader Delcy Rodríguez urges oil reforms to attract foreign investment
Summary
Acting President Delcy Rodríguez used her first state of the union address to promote oil industry reforms intended to attract foreign investment and said revenue would fund health services and infrastructure.
Content
Acting President Delcy Rodríguez delivered her first state of the union address to outline plans for oil industry reforms and a new approach to international engagement. She framed proposed oil sales as a source of funds for strained health services, social programs and infrastructure. Rodríguez balanced criticism of the U.S. with appeals for diplomacy, while also navigating pressure from officials loyal to former President Nicolás Maduro.
Key developments:
- Rodríguez proposed reforms to attract foreign investment into Venezuela’s oil industry during her first state of the union address.
- She said revenue from foreign oil sales would be divided between a fund for social and public health services and a fund for economic development and infrastructure.
- The article reports Rodríguez criticized the Trump administration but also called for diplomacy, reflecting a shift from past rhetoric.
- The article notes President Trump met with opposition leader María Corina Machado and that his endorsement of Rodríguez sidelined Machado.
- The article mentions ExxonMobil CEO Darren Woods told U.S. officials that Venezuela was “un-investable” without major legal and policy changes amid a U.S. plan to secure industry investment of around US$100 billion.
- The article reports Nicolás Maduro is being held in a Brooklyn jail and has pleaded not guilty to drug‑trafficking charges; it also notes Rodríguez was granted acting presidential powers under a constitutional provision allowing the vice president to serve for a renewable 90‑day period.
Summary:
The address signals a potential shift in how Venezuela’s oil sector and foreign engagement are framed, with proposed revenue streams earmarked for public services and infrastructure. Undetermined at this time.
