Macro Report | Venezuela is at a crossroads after the U.S. attack that led to Nicolás Maduro’s capture on January 3, and the designation of Delcy Rodríguez as Interim President on January 5. Even as it faces an uncertain future, the South American country is already undergoing a profound political and economic transformation.

Special Report | The Venezuelan economic landscape has been profoundly reshaped over the past two decades by extensive state intervention and the systematic nationalization of core industries. This structural shift has transitioned the country from a diversified, mixedcapital market into an economy heavily centralized under government control.

Since assuming the interim presidency on January 5, just two days after the U.S. attack, Delcy Rodríguez has moved to reorganise the Venezuelan government, with frequent appointments.

The territorial dispute between Guyana and Venezuela over the Essequibo region remains one of South America’s most persistent geopolitical controversies.

The 2026 Hydrocarbons Law Reform represents the greatest liberalisation of Venezuela’s oil sector since its nationalisation in 1976.

Venezuela bonds have risen as much as 80% this year with increasing hopes for a political transition, but many are acting on the wrong signals.