US reaffirms phased approach to Venezuela’s democratic transition

The United States has renewed its call for Venezuela to pursue economic recovery and political reconciliation before moving to democratic elections. Secretary of State Marco Rubio discussed the proposed sequence with Venezuelan Foreign Minister Oliver Blanco on Monday during talks on the country’s political future.

Neither official addressed reporters following the meeting. In its account of the discussions, the State Department said Washington had reaffirmed President Donald Trump’s plan, which begins with stabilization, proceeds to economic recovery and political reconciliation, and concludes with a democratic transition. The talks took place nearly a year after US forces abducted former President Nicolas Maduro in Caracas and transported him to the United States to face drug trafficking and other charges.

Opposition leader Maria Corina Machado returned to Venezuela last week, saying she intended to organise a movement ahead of elections. She thanked Trump and Rubio for their support and said Rubio’s proposed sequence made clear that presidential elections would take place in 2027. Machado, a Nobel Peace Prize laureate, gave her medal to Trump in 2025.

Machado is preparing an election campaign while the Trump administration pursues access to Venezuelan oil through agreements with interim President Delcy Rodriguez’s government. Rodriguez, previously Maduro’s vice president, assumed the presidency after his abduction. Shortly before Machado spoke on Thursday, Rodriguez promised elections “with the world as witness”, without announcing when they would be held.

The Trump administration announced in September that it had reached an agreement giving Washington a stake in approximately one-fifth of Venezuela’s oil resources. It said the arrangement involved a joint venture with North American Blue Energy Partners, or NABEP, a company owned by Venezuelan businessman Alejandro Betancourt. NABEP is Venezuela’s second-largest private oil operator after Chevron.

According to the administration, Caracas is granting NABEP rights lasting 100 years to 17 oilfields containing 65 billion barrels in proven reserves. The Pentagon is to hold a 35 percent stake in the company, while the United States will have a guaranteed right to purchase 20 percent of its oil production at cost.

Machado questioned the agreement’s transparency in remarks following her return. “This agreement does not reflect the levels of transparency that Venezuelan society wants,” she said. Asked whether she might meet Rodriguez, Machado said neither the interim president nor Washington had sent her any message about such a meeting.