Evaluación de la estabilidad política y económica en Venezuela después de Maduro: Oportunidades en el sector energético y reformas

The geopolitical realignment triggered by the U.S.-led removal of Nicolás Maduro in early 2026 has positioned Venezuela at a crossroads. While the country's political instability and authoritarian continuity under acting President Delcy Rodríguez raise red flags, the energy sector's vast potential-coupled with shifting global dynamics-presents a paradox of risk and reward for investors. This analysis explores the interplay of political uncertainty, economic reforms, and geopolitical recalibration to evaluate whether Venezuela's post-Maduro landscape offers a viable entry point for capital seeking high-impact opportunities in emerging markets.

Political Instability and the Shadow of Authoritarianism

The U.S. military operation that ousted Maduro has not ushered in a democratic transition. Instead, the Trump administration has opted for a transactional approach, leveraging economic and military dominance to shape Venezuela's policies, particularly in oil and counternarcotics. Delcy Rodríguez, a key architect of the Maduro regime, now holds the reins, perpetuating a system characterized by repression and centralized control. The opposition, led by Nobel laureate María Corina Machado, remains sidelined despite her 2024 electoral victory, eroding trust in the legitimacy of the transition.

This political stagnation is compounded by volatility on the ground. While some political prisoners have been released, the regime has intensified crackdowns using armed forces and para-military groups. The lack of a clear democratic roadmap raises concerns about prolonged instability, which could deter long-term investment. As one former U.S. official noted, "The current trajectory resembles a hydra-cutting one head only to see another grow in its place."

Economic Reforms and the Energy Sector: A Long, Costly Roadmap

Venezuela's energy sector, the backbone of its economy, remains a double-edged sword. The country holds 18% of the world's proven oil reserves (303 billion barrels), but production has plummeted to 700,000–800,000 barrels per day from a peak of 3.5 million in the late 1990s. Decades of mismanagement, U.S. sanctions, and expropriations have left PDVSA, the state oil company, in disarray with a brain drain.

The Trump administration's vision for revitalizing the sector hinges on U.S. oil majors like Chevron and ENI, which are being courted to invest tens of billions in infrastructure and technology. However, even a partial recovery to 1.5–2 million barrels per day-a fraction of peak output- could take two years, while full recovery would require over a decade of sustained investment. Sanctions relief remains a critical but uncertain variable; while the U.S. has selectively eased restrictions to facilitate oil exports, the durability of this policy is unclear.

Beyond oil, Venezuela's natural gas reserves (200 trillion cubic feet) and critical minerals like nickel and coltan remain largely untapped due to environmental neglect and mismanagement. Legal reforms to attract private-sector participation-such as allowing 100% foreign ownership of energy projects-are theoretically on the table but lack concrete timelines. For now, the sector remains a high-risk, high-reward proposition.

Geopolitical Realignment: Winners and Losers in the New Order

The geopolitical fallout from Maduro's removal has reshaped Venezuela's international relationships. China, once the regime's largest oil buyer, now faces a 25% secondary tariff on goods from countries purchasing Venezuelan oil, effectively cutting off its shadow fleet operations. This has forced Beijing to recalibrate its strategy, leveraging the crisis to position itself as a defender of UN principles while distancing from a faltering regime.

Russia, which provided military and technical support to Maduro, is losing its Latin American foothold. With Russian engineers evacuating and assets facing legal uncertainty, Moscow's influence in Venezuela is expected to vanish entirely. Meanwhile, the EU's response has been measured, balancing its security ties with the U.S. against concerns over regional instability and refugee flows.

The U.S., meanwhile, is consolidating its dominance by directing Venezuela's oil revenues into an escrow account for humanitarian aid and restructuring PDVSA debt. This "Donroe Doctrine"-style intervention underscores America's intent to reassert hegemony in Latin America, sidelining traditional rivals like China and Russia.

Strategic Entry: Navigating the Risks and Rewards

For investors, Venezuela's post-Maduro landscape demands a nuanced approach. The energy sector's potential is undeniable, but success hinges on three factors:1. Political Stability: A credible transition to democratic governance is essential to reduce the risk of expropriation and ensure legal certainty.2. Sanctions Relief: Partial or full lifting of U.S. sanctions would unlock foreign investment but remains contingent on geopolitical calculations.3. Global Oil Prices: With the market oversupplied and prices projected to remain low in 2026, high-cost projects like Venezuela's heavy crude face an uphill battle.

Early-stage investors might consider niche opportunities in natural gas and critical minerals, where infrastructure gaps and environmental challenges present untapped potential. However, these ventures require patience and a long-term horizon. As one analyst noted, "Venezuela's energy revival will be a marathon, not a sprint."

Conclusion: A High-Stakes Gamble

Venezuela's post-Maduro era is a study in contradictions. The U.S. has secured a strategic foothold in the world's largest oil reserve, yet political instability and authoritarian continuity threaten to undermine long-term gains. For investors, the key lies in balancing the allure of Venezuela's energy wealth with the realities of geopolitical risk and operational complexity. While the path to recovery is fraught with uncertainty, those willing to navigate the minefield may find themselves positioned to capitalize on one of the most transformative markets of the decade.