She further announced the creation of two sovereign funds aimed at channeling all foreign currency entering Venezuela through energy cooperation: one fund to improve worker salaries and provide social protection, the other dedicated to financing infrastructure, including hospitals, schools, housing, water, electricity, and roads. These initiatives coincide with Washington’s confirmation of oil sales totaling approximately $500 million from a broader $2 billion agreement signed earlier this month, representing an unprecedented phase of cooperation after years of sanctions.
The proposed reforms respond to demands from U.S. oil companies, with ExxonMobil’s CEO publicly calling for durable legal protections and regulatory adjustments to facilitate investments in Venezuelan oil production. In addition, European PDVSA partners, such as Repsol and Maurel & Prom, have sought U.S. licenses to resume Venezuelan crude exports, which were suspended last year. Rodríguez also affirmed openness to diplomacy with the United States, stating readiness to travel to Washington “standing up” if necessary, while condemning prior U.S. naval blockades and Maduro’s detention as severe breaches in bilateral relations. The evolving legal and diplomatic dynamics indicate Venezuela’s intention to reintegrate its vast hydrocarbon resources into global markets under a recalibrated political framework.
This article was curated and published as part of our South American energy market coverage.
