Who is running Venezuela and what are Trump's oil plans?

February 6, 2026

On January 3rd, US special forces conducted a military raid in Venezuela that resulted in the capture of President Nicolás Maduro and First Lady Cilia Flores, who now face drug and weapons charges in New York. President Trump announced the US would control Venezuela until a proper transition occurs, including indefinite oversight of the country's oil sales, despite the raid causing approximately 100 deaths and drawing international condemnation. Former Vice President Delcy Rodríguez was sworn in as interim president by Venezuela's National Assembly and has adopted a dual strategy of publicly protesting the seizure while cooperating with American demands, including opening the oil sector to foreign investment and releasing political prisoners.

Who is affected

Nicolás Maduro and Cilia Flores (detained and facing charges in New York)
Delcy Rodríguez (serving as interim president)
Venezuelan citizens (particularly political prisoners being released, and the general population affected by US control of oil revenues)
100 people killed during the raid, including 32 Cuban bodyguards and civilians
María Corina Machado and the Venezuelan opposition
US oil companies (ExxonMobil, ConocoPhillips, Chevron, BP)
Venezuelan migrants in the US
Venezuela's National Assembly and PSUV members
International community (Russia, China, Colombia, Brazil, and other Latin American countries)

What action is being taken

The US is controlling the sale of Venezuelan oil and overseeing revenue deposits into accounts with US oversight
Delcy Rodríguez is serving as interim president and organizing public rallies calling for Maduro's release
The Venezuelan government is complying with US demands by releasing hundreds of political prisoners
An amnesty law is being drafted
The US embassy in Caracas has reopened after seven years
Venezuela has changed laws to allow foreign investment in the oil industry
Rodríguez is holding meetings with CIA Director John Ratcliffe and US envoy Laura Dogu
Maduro and Flores are being held in Brooklyn and have pleaded not guilty to charges

Why it matters

This represents an unprecedented military intervention by the United States into a sovereign nation to remove its leader, fundamentally violating international law principles as noted by the UN Secretary General. The operation gives the US control over the world's largest proven oil reserves (303 billion barrels), which Trump aims to exploit for lower US energy prices while claiming authority to manage Venezuela's national resources. The seizure has created a constitutional crisis in Venezuela, sparked international condemnation from major powers including Russia and China, and set a dangerous precedent for future US foreign policy interventions. The situation also affects regional stability in Latin America and has implications for hundreds of thousands of Venezuelan migrants in the US, while the interim government must balance nationalist sentiment with pragmatic cooperation with American demands.

What's next

Trump has asked US oil firms to invest at least $100 billion to restore Venezuela's oil industry
Venezuela's constitution requires that if the president's absence is deemed "permanent," elections must be called within 30 days (though Vice President Rodríguez can remain in post for up to 180 days)
Maduro and Flores face trial on four charges in the Southern District of New York
The US will continue overseeing Venezuela's oil revenues to ensure they are spent "for the benefit" of its people

Read full article from source: BBC