Venezuela in January 2026: the most important developments in economy
In January 2026, Venezuela's economy was reshaped by the United States taking control of the country's oil sales after the capture of President Nicolas Maduro on 3 January. On 7 January Donald Trump announced that Venezuela would transfer between 30 and 50 million barrels of oil to the US, to be sold at market price, and a US official said Washington would control the sales indefinitely. On 15 January the US completed the first sale under the arrangement, worth about $500 million, at a price a US energy official put 30% above what Venezuela had obtained weeks earlier. Trump signed an executive order on 10 January declaring a national emergency to shield Venezuelan oil revenue held in US accounts from creditors and courts. Venezuela said on 21 January it had received $300 million from a US oil sale to support its currency, and on 28 January the US Treasury was set to control a Venezuelan oil revenue account.
The second theme was the opening of the oil sector. Interim President Delcy Rodriguez called for foreign investment, and parliament approved a reform ending the state-controlled model set up by Hugo Chavez. She signed it on 30 January, and the US eased oil sanctions and reopened Venezuelan airspace. Chevron sought an expanded licence, and Repsol, Eni and Maurel & Prom applied for licences. Valero and Phillips 66 bought cargoes. ExxonMobil called the country uninvestable without major changes, then expressed cautious interest at month end. Chevron said output could rise 50% within 18 to 24 months. The US also seized at least seven tankers linked to Venezuelan oil.
The third theme was the effect on Venezuela's partners and creditors. Trump threatened to cut Venezuelan oil to Cuba unless it made a deal, and Venezuela rejected a US order targeting countries that trade with Cuba. Deliveries to Asia stopped early in the month, though Vitol offered cargoes to China and India. China faces risks to about $100 billion in loans, and creditors prepared to renegotiate Venezuelan bonds. Switzerland froze assets of Maduro and his circle.
by WorldBrief & Maksim Micheliov | AI-generated summary
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