Caracas turns to capitalism for survival
Venezuelan government makes moves to liberalise oil sector as economic sanctions push production to 50-year low
President Nicolas Maduro easily achieved his political goals in 2020, if, of course, you take Venezuela’s ever-present economic and social chaos out of the mix. He routed the hardline opposition and reinforced his power with a rigged National Assembly election victory in early December. The regime will now concentrate on economic reactivation and political consolidation. Top of the agenda are legally questionable reforms in support of urgently required investment, particularly targeting the collapsed oil sector. Crude output has sunk to its lowest in living memory and crippled the wider economy. Socialist dogma is being tactically abandoned in favour of a more pragmatic approach. Unveiled in
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
