In a pivotal address to the National Assembly, Venezuela’s Acting President Delcy Rodriguez unveiled sweeping reform proposals for the nation’s crucial oil industry, signaling a strategic shift toward attracting international investment and stimulating economic recovery. The January 15th address—Rodriguez’s first annual report since assuming leadership—comes amid significant political changes following recent developments in Caracas.
Rodriguez emphasized that the proposed legislative changes would fundamentally transform the operational landscape of Venezuela’s petroleum sector, creating more favorable conditions for external partnerships and collaboration. The acting president revealed that December 2025 production figures reached 1.2 million barrels, demonstrating the sector’s potential despite recent challenges.
The administration plans to channel oil export revenues toward three primary areas: strengthening the public healthcare infrastructure, accelerating economic development initiatives, and advancing critical infrastructure projects. Rodriguez characterized this moment as a ‘historic turning point’ for Venezuela, emphasizing the government’s commitment to exploring ‘pragmatic and diversified approaches’ to foreign exchange and international engagement.
Significantly, Rodriguez articulated Venezuela’s intention to rebuild relationships ‘on the foundation of mutual respect,’ specifically mentioning the United States among other international partners. This statement suggests a potential recalibration of foreign policy following recent geopolitical events.
The proposed oil industry reforms represent the most substantial economic policy initiative since Rodriguez assumed leadership, potentially marking a new chapter in Venezuela’s approach to managing its vast hydrocarbon resources and international relations.