Venezuela Signals Oil Sector Opening, Reset US Ties

Venezuela’s interim leadership outlined a dramatic recalibration of the country’s economic and diplomatic course on Thursday, as Acting President Delcy Rodríguez called for foreign investment in the oil sector and urged renewed dialogue with the United States amid intensifying US influence over the country’s future.

A New Vision After Maduro’s Fall

Delivering her first state of the union speech, Rodríguez presented what she described as a “new policy” for Venezuela, less than two weeks after US forces captured and removed former president Nicolás Maduro. Her address marked a notable departure from decades of ideological hostility toward Washington.

Under pressure from the Trump administration, which has pledged to seize control of Venezuelan crude sales, Rodríguez urged lawmakers to approve oil-sector reforms and encouraged diplomats to promote Venezuela as newly open to foreign investors.

“Venezuela, in free trade relations with the world, can sell the products of its energy industry,” she said.

Opening the Oil Industry

Rodríguez argued that increased foreign participation in the state-run oil industry was essential to revive production and stabilize the economy. She outlined a plan for future oil revenues to be directed into two sovereign wealth funds—one focused on rebuilding the country’s crumbling healthcare system, and another aimed at restoring deteriorating public infrastructure.

Hospitals across Venezuela remain critically under-equipped, with patients often required to bring basic medical supplies for their own treatment.

The Trump administration has said it intends to oversee future oil export revenues to ensure the proceeds benefit the Venezuelan population rather than entrenched political elites.

“Let Us Not Be Afraid of Diplomacy”

While criticizing the US capture of Maduro as a “stain” on bilateral relations, Rodríguez struck a conciliatory tone, calling for dialogue rather than confrontation. Her 44-minute address contrasted sharply with the lengthy, confrontational speeches of previous Venezuelan leaders.

“Let us not be afraid of diplomacy,” she said. “I ask that politics not be transformed, that it not begin with hatred and intolerance.”

She was more explicit in separate remarks about Washington’s power and Venezuela’s approach to negotiations.

“We know the power of the United States. We know they are a lethal nuclear power,” Rodríguez said. “We are not afraid to face the United States diplomatically. We will resolve this historical contradiction through dialogue.”

Referring to the possibility of visiting the US capital, she said:

“If someday I would have to go to Washington, I would do it standing and walking, not dragged.”