In a dramatic pivot for the nation's economy, Venezuela's acting President Delcy Rodríguez has used her first State of the Union address to advocate for a significant increase in foreign investment into the country's crucial, state-run oil industry.
A New Direction Amidst Political Upheaval
The policy shift, outlined in a 44-minute speech on Thursday 15 January 2026, comes less than a fortnight after the United States captured and toppled the previous leader, Nicolás Maduro. Rodríguez, who served as Maduro's vice president, directly challenged long-held beliefs within her own government by calling for reforms to grant international firms access to Venezuela's vast oil reserves.
"A new policy is being formed in Venezuela," Rodríguez declared, urging foreign diplomats present to inform global investors of the changes. She asked lawmakers to approve the necessary legislative reforms, marking a stark departure from decades of resource nationalism.
Threading a Diplomatic Needle
Rodríguez's speech presented a complex balancing act. While she criticised the US capture of Maduro—calling it a "stain on our relations"—and demanded Washington "respect the dignity" of the former leader held in a Brooklyn jail, she simultaneously promoted a resumption of diplomacy. Her mollifying tone and concise delivery contrasted sharply with the hours-long, fiery anti-imperialist rants of her predecessors.
"Let us not be afraid of diplomacy," she stated. "I ask that politics not be transformed, that it not begin with hatred and intolerance." A portrait of Maduro and his wife was displayed beside her as she spoke, underscoring the delicate political line she walks.
This outreach aligns with pressure from the Trump administration, which has pledged to seize control of future Venezuelan crude sales to ensure revenues benefit the Venezuelan people. Rodríguez proposed directing oil cash into two sovereign wealth funds: one for the crisis-stricken health service—where patients now must supply their own syringes and surgical screws—and another for crumbling public infrastructure.
Machado's Washington Visit and Domestic Uncertainty
As Rodríguez spoke in Caracas, Venezuela's Nobel Prize-winning opposition leader, María Corina Machado, was in Washington meeting President Donald Trump. Machado, whose party is widely considered to have won the tumultuous 2024 election, presented her Nobel Peace Prize medal to Trump during their closed-door talk.
Emerging from the White House, she told cheering supporters, "We can count on President Trump." However, her role remains uncertain as Rodríguez's government has been relieved of the obligation to hold elections for the foreseeable future. Notably, Trump has recently frozen Machado out of talks on Venezuela's future, instead praising Rodríguez as a "terrific person" after a phone call last Wednesday.
On the streets of central Caracas, the mood is one of apprehension. Pablo Rojas, a 28-year-old music producer, captured the national confusion: "It’s a complete sea of uncertainty, and the only one who now has the power to make decisions is the United States government." Many citizens declined to be interviewed, fearful of reprisals from Maduro's still-intact security apparatus.
Meanwhile, state television continues broadcasting pro-government content, including statements from Iranian and Russian officials condemning US aggression and coverage of orchestrated rallies demanding Maduro's return. As experts like Tulane University's David Smilde note, the strategy appears to be giving "Trump everything he wants economically, but stay the course politically." The nation's strange new reality is only just beginning.
