Venezuela Macro Report | Q1 2026
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.
Over the first quarter of 2026, Venezuela has seen only the beginning of a new process of reforms under supervision and guidance from the U.S., though not direct control. This same process has included a progressive easing of sanctions through general licenses, without removing them completely, thus creating a mechanism of leverage.
The U.S.-Israeli war on Iran has also become a catalyst for this process, intensifying Washington, DC’s interest in Venezuela, as both a political victory and for its large reserves of hydrocarbons and critical minerals in the Western Hemisphere.
So far, Venezuela has already approved profound changes to the hydrocarbons and mining laws, opening up each sector to greater private involvement. But Interim President Delcy Rodríguez’s announcements imply a longer list of reforms, affecting privatisations, labour relations, property rights, housing, and the management of the central bank.
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