Following the ouster, one question is being discussed more than any other: Why did the US and global oil companies place their trust in Delcy Rodríguez? Even before President Nicolás Maduro's arrest, senior oil industry officials, investors, and lobbyists in Washington were arguing that if anyone could lead the country after Maduro, it was his number two, Delcy Rodríguez.
Delcy Rodríguez herself is a former oil minister and has experience managing Venezuela's oil sector during a period of international sanctions, economic crisis, and government mismanagement. The oil industry believed she could advance the US plan to restore Venezuela as a major oil-producing nation.
This conclusion was also reached at various levels within the Trump administration. Officials believed that Rodríguez, seen as a bridge between the government and private companies, could stabilize the economy more quickly than opposition leader María Corina Machado and pave the way for American companies.
Why did Delcy Rodríguez become the oil industry's choice?
The US administration wanted to learn from the chaos that followed the fall of Saddam Hussein in Iraq. Therefore, maintaining business continuity after a change of power was considered crucial. Rodríguez fit this criterion because she was already in charge of the oil apparatus and had decades-old relationships within the government.
However, major US oil companies were not directly involved in this lobbying. Chevron, currently the only major US company operating in Venezuela, stated that it had no prior knowledge of the action to remove Maduro and had not engaged in any discussions regarding a new government. According to the company, its operations continue uninterrupted under the law.
At a press conference on Saturday, President Donald Trump endorsed Delcy Rodríguez as the interim leader. He described María Corina Machado as lacking the respect necessary for leadership. This statement was considered a major blow to Machado's supporters.
US Stance and Pressure from Oil Sanctions
The White House did not comment extensively on the issue, but Secretary of State and National Security Advisor Marco Rubio said the US would use its oil sanctions and regional military presence to achieve its policy objectives. He made it clear that the US would be watching Rodriguez's actions more closely than her words.
Oil companies are pressuring for a quick easing of sanctions. By the end of December, Venezuela had to shut down wells due to a shortage of oil storage. If this situation persists, economic recovery will be difficult, and Rodriguez's power could be weakened.
On Monday, Delcy Rodriguez was sworn in as acting president before the National Assembly. Initially, she called Maduro's arrest a kidnapping, but the next day she spoke of cooperating with the US within the framework of the law. Sources believe the initial tough statements were to deflect internal pressure.
Oil Companies' Expectations
The 56-year-old Rodriguez has been one of the most powerful figures in the Maduro government. She has also served as Foreign Minister and became Oil Minister in 2024. She was given the responsibility of cleaning up the national oil company PDVSA, improving transparency, and curbing corruption.
She has very strong international connections. She regularly speaks with senior executives of oil companies from Houston to Mumbai and also has deep ties in Beijing and Moscow. Besides Chevron, companies like ConocoPhillips, Shell, Repsol, Eni, and Morell & Prom are also exploring the possibility of returning to or expanding their operations in Venezuela.
Investors and bondholders also have expectations of her, especially regarding the restructuring of approximately $60 billion in debt. Unlike Maduro, Rodriguez faces no criminal charges in the US, making her a more pragmatic option.
From Revolutionary Legacy to Power
Delcy Rodriguez entered politics during the Hugo Chávez era. Her father, George Antonio Rodríguez, was a leftist leader who died in prison in 1976. This event has been a crucial part of Delcy's political identity. Her brother, Jorge Rodríguez, has also been a prominent figure in the Maduro government.
She is known for her tireless work ethic and was one of Maduro's most trusted allies. She remained by Maduro's side even during the harsh crackdown that followed the disputed 2024 elections.
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