Venezuela in 2026: Acting Rule, Oil, and the Road Ahead

Venezuela remains a federal presidential republic with Delcy Rodríguez serving as acting president since January 2026, after U.S. forces seized Nicolás Maduro. The country holds the world's largest proven oil reserves and is operating under close American supervision, with no election date announced. Its economy, currency and oil licensing arrangements are key issues to monitor.
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Venezuela is a federal presidential republic with a single-chamber National Assembly, 23 states and a Capital District. Delcy Rodríguez became acting president on 5 January 2026, following the U.S. capture of Nicolás Maduro. No date for a vote has been announced, and the country remains under substantial U.S. oversight.
Its proven oil reserves are the largest globally