VENEZUELA · POLITICS
Key Facts
- The country Venezuela is run by acting president Delcy Rodríguez, who took over after Nicolás Maduro left power in January 2026.
- What happened On Thursday 29 October 2026, Rodríguez named Oliver Blanco, until now her first vice foreign minister, as foreign minister.
- Who he is Blanco once worked for opposition veteran Henry Ramos Allup and is not a member of the ruling party.
- The swap Former minister Félix Plasencia becomes director of international affairs at the presidency and goes to London to chase gold.
- Prediction markets Polymarket gives an 8.5% chance that Rodríguez is out as Venezuela’s leader by 31 December 2026 (30 October, 3:20 p.m. ET).
- Power Index Venezuela ranks 13th of 14 in The Rio Times Latin America Power Index, with 27.0 points (October 2026 edition).
Venezuela’s acting president, Delcy Rodríguez, named a new foreign minister on Thursday 29 October 2026: Oliver Blanco, a former adviser to the opposition. He replaces Félix Plasencia, who held the post since July 2026.
For US readers, the change puts a man who has handled Venezuela’s relations with Washington and Europe at the top of the foreign ministry. It comes as Caracas tries to win back about US$2 billion in gold held at the Bank of England in London.
What Happened
Rodríguez announced the appointment on Thursday 29 October 2026 and named Blanco, until then her first vice foreign minister, to run the foreign ministry. The change also brings Marynna Saatdjian in as vice minister for Europe and North America, Blanco’s former post.
Plasencia, a career diplomat who had been Venezuela’s envoy in Washington before he became minister in July 2026, moves to a presidency post as director of international affairs. Rodríguez said his first task is to travel to the United Kingdom and stay there until Venezuela recovers its gold held at the Bank of England, Britain’s central bank.
Who Is Oliver Blanco
Rodríguez first named Blanco vice minister for Europe and North America on Monday 23 February 2026. Before that he was communications director of the National Assembly in 2016 under Henry Ramos Allup, then the Assembly’s president and a long-time leader of Acción Democrática, one of Venezuela’s oldest opposition parties.
In July 2026 the ministry created a new post of first vice minister, and Blanco was given it, which made him the number two under Plasencia. In February he said he does not belong to the ruling United Socialist Party (PSUV), a rare profile in this government.
Why the Gold Matters
Venezuela‘s government says part of its gold reserves, worth about US$2 billion, has been frozen at the Bank of England in London since 2019. Rodríguez asked the foreign ministry and the attorney general’s office on Wednesday 28 October to pursue recovery, and sending a former foreign minister shows how high she ranks the case.
Our explainers on the Bank of England gold dispute and the legal steps ahead describe why a court, not a ministry, will decide the outcome. A foreign minister cannot release the gold on his own, so the move is about political pressure and lawyers.
What Prediction Markets Say
Polymarket, a US-based prediction market, shows an 8.5% chance that Rodríguez is out as Venezuela’s leader by 31 December 2026, with about US$660,000 traded (30 October, 3:20 p.m. ET). It is a bet on whether she leaves office, not on this appointment.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
What It Means for You
If you follow Venezuelan oil, sanctions or bonds, the new minister is the person who will carry Caracas’s requests to Washington, from licences for oil exports to the return of diplomats. Venezuelan diplomats began working again in Washington in March 2026, after a delegation installed the mission there.
Travelers and Venezuelans in the United States need not change plans, because the appointment alters no visa or consular rule. Florida, home to the largest community of Venezuelans living in the United States, will watch for any change in how consulates serve citizens abroad.
What Is Not Known
It is not known whether Blanco will keep Plasencia’s line toward the United States or adopt a new one. The statements we have seen give no reason for removing Plasencia, who had held the post since July.
It is also unclear when Plasencia will reach London, which court filings he will support, and whether Washington or London will comment. The government has not said whether other ministers will change.
More: Venezuela news in English, every day from The Rio Times.
Frequently Asked Questions
Who Is Venezuela’s New Foreign Minister?
He is Oliver Blanco, a former aide to opposition veteran Henry Ramos Allup. Acting president Delcy Rodríguez named him on Thursday 29 October 2026.
What Happens to Félix Plasencia?
Plasencia becomes director of international affairs at the presidency. He is to go to London and work on recovering Venezuela’s gold at the Bank of England.
Does This Change US Relations With Venezuela?
Nothing has changed in law or policy yet. Blanco already handled Europe and North America at the ministry, so US contacts should continue.
Sources: Acting President Delcy Rodríguez, announcement of the new foreign minister, 29 October 2026; Venezuelan Foreign Ministry (Minrex), appointments of 23 February 2026 and July 2026; Polymarket, Delcy Rodríguez out as leader of Venezuela by…?, 30 October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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