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Weekly Report - 22 January 2026 (WR-26-03)

Machado goes on charm offensive as Venezuela debates oil reforms

Significant change may be coming for Venezuela’s oil sector after legislators began debating a reform to the country’s hydrocarbon law on 22 January. This is a central demand of Washington and is aimed at soothing the concerns of oil companies which have balked at the prospect of rushing into Venezuela following the US seizure of former president Nicolás Maduro (2013-2026). With US forces continuing to enforce a blockade on unauthorised Venezuelan oil exports, new president Delcy Rodríguez has little choice but to assent to the US demands if she is to avert a further economic collapse. Her obedience has been highly praised by President Donald Trump, but Venezuela’s democratic opposition is hopeful that it won his ear after its leader, María Corina Machado, went on a no-holds-barred charm offensive at the White House on 16 January.

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