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March 2026
Week of Mar 30, compared to 12-week average
critical but not uniformly hostile
The US has initiated a major sanctions relief program targeting Venezuela's oil and mining sectors to boost global supply. The US broadly authorized transactions with PDVSA, eased oil sanctions, and brokered a major gold deal with the state mining company. Exxon and ConocoPhillips are evaluating opportunities, with the latter's CEO calling for fiscal rewiring to attract investment.
Political power is being consolidated by the interim president through sweeping military reforms and dismissals, while former President Maduro faces US drug charges in New York. The interim president replaced top military commanders and Delcy Rodríguez dismissed the powerful defense minister. Concurrently, the US and Venezuela agreed to restore diplomatic relations, formally reopening the US embassy.
The security state is hardening with a major military reset and the deployment of new surveillance technology, coinciding with the detention of a prominent oil tycoon. Venezuela replaced its defense chief and deployed robot dogs for patrols in Caracas. Police also held oil tycoon Ruperti.
Public discontent over economic hardship is manifesting in paralyzing strikes and protests against extremely low wages. An unprecedented transport strike paralyzed Caracas, followed by protests against low wages. Concurrently, lawyers and activists continue to fight for political prisoners amid UN reports of torture.