6 January, 2026

Consequences of the US Policy Shift on Venezuela

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Key points

Nicolás Maduro and his wife were captured in a targeted US military operation and now face narco-terrorism charges in the US. Despite this, Maduro’s inner circle remains largely intact, with Vice President Delcy Rodríguez formally taking charge, signalling a managed transition rather than a complete power shift.
The US plans to support a political transition in Venezuela and to start major oil investments; even in the best case, production increases will take time due to logistical and infrastructure challenges. In the short term, oil market impacts are likely to be limited, while greater US control over Venezuelan oil supports the US dollar, although geopolitical risks may weigh on investor confidence.

Read the full article on the Amundi Research center

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