IBOV 167,921.80 ▼ 0.75% IPC MEX 69,779.20 ▼ 0.01% MERVAL 2,848,945 — — USD/BRL5.44▼ 0.03% USD/MXN18.53▼ 1.36% USD/CLP976.52▼ 1.76% USD/COP3,224▼ 0.14% USD/PEN3.46▼ 0.18% USD/ARS1,544▲ 0.52% USD/UYU40.19▼ 0.01% USD/PYG5,915▼ 0.84% USD/BOB12.00▼ 0.58% USD/DOP60.16▼ 0.43% USD/CRC449.70▼ 0.39% USD/GTQ7.64— 0.00% USD/HNL26.89▲ 0.02% USD/NIO36.62— 0.00% USD/VES887.35▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▼ 0.19% USD/TTD6.65▼ 0.91% EUR/BRL6.09▲ 1.24% BRENT 109.58 ▼ 5.38% WTI 100.12 ▼ 1.61% IRON ORE 161.91 — — COPPER 6.65 ▲ 2.24% GOLD 4,073 ▲ 0.85% SILVER 54.49 ▲ 0.70% SOY 1,250 ▲ 0.70% CORN 450.25 ▼ 1.04% WHEAT 614.75 ▼ 0.20% COFFEE 294.35 ▼ 2.19% SUGAR 19.26 ▲ 0.84% ORANGE JUICE 143.20 ▲ 5.45% COTTON 77.90 ▼ 1.47% COCOA 5,581 ▲ 1.66% BEEF 230.73 ▲ 0.33% CATTLE 346.40 ▼ 1.00% LITHIUM 62.43 ▲ 1.89% PETR4 53.31 ▼ 1.06% VALE3 62.88 ▼ 2.33% ITUB4 41.42 ▼ 0.67% BBDC4 15.69 ▼ 1.63% ABEV3 15.40 ▲ 0.20% BBAS3 17.59 ▲ 0.69% B3SA3 15.27 ▲ 1.33% WEGE3 45.78 ▲ 2.81% PRIO3 69.21 ▼ 2.71% SUZB3 47.14 ▼ 0.55% RENT3 31.14 ▼ 1.67% AZZA3 16.72 ▲ 1.15% CSAN3 2.69 ▼ 2.89% RAIZ4 0.34 — 0.00% PCAR3 2.22 ▼ 3.48% GMAT3 3.74 ▲ 2.19% PSSA3 47.75 ▼ 0.89% CVCB3 0.98 — 0.00% POSI3 3.56 ▼ 0.84% SLCE3 16.97 ▼ 2.75% NATU3 5.68 ▼ 3.89% BRKM5 3.80 ▲ 19.50% RANI3 7.34 ▼ 0.54% CSNA3 4.76 ▼ 4.99% IBOV 167,921.80 ▼ 0.75% IPC MEX 69,779.20 ▼ 0.01% MERVAL 2,848,945 — — USD/BRL 5.34 ▼ 1.32% USD/MXN 18.69 ▲ 0.62% USD/CLP 983.47 ▼ 0.57% USD/COP 3,149 ▲ 3.06% USD/PEN 3.45 ▲ 0.17% USD/ARS 1,537 ▼ 0.28% USD/UYU 40.21 ▲ 3.57% USD/PYG 5,803 ▲ 3.78% USD/BOB 11.97 ▲ 4.93% USD/DOP 60.54 ▲ 1.83% USD/CRC 451.24 ▲ 2.13% USD/GTQ 7.64 ▲ 3.23% USD/HNL 26.87 ▲ 3.37% USD/NIO 36.62 ▲ 2.81% USD/VES 885.08 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 2.63% USD/TTD 6.71 ▲ 2.07% EUR/BRL 5.95 ▲ 7.53% BRENT 109.58 ▼ 5.38% WTI 100.12 ▼ 1.61% IRON ORE 161.91 — — COPPER 6.65 ▲ 2.24% GOLD 4,073 ▲ 0.85% SILVER 54.49 ▲ 0.70% SOY 1,250 ▲ 0.70% CORN 450.25 ▼ 1.04% WHEAT 614.75 ▼ 0.20% COFFEE 294.35 ▼ 2.19% SUGAR 19.26 ▲ 0.84% ORANGE JUICE 143.20 ▲ 5.45% COTTON 77.90 ▼ 1.47% COCOA 5,581 ▲ 1.66% BEEF 230.73 ▲ 0.33% CATTLE 346.40 ▼ 1.00% LITHIUM 62.43 ▲ 1.89% PETR4 53.31 ▼ 1.06% VALE3 62.88 ▼ 2.33% ITUB4 41.42 ▼ 0.67% BBDC4 15.69 ▼ 1.63% ABEV3 15.40 ▲ 0.20% BBAS3 17.59 ▲ 0.69% B3SA3 15.27 ▲ 1.33% WEGE3 45.78 ▲ 2.81% PRIO3 69.21 ▼ 2.71% SUZB3 47.14 ▼ 0.55% RENT3 31.14 ▼ 1.67% AZZA3 16.72 ▲ 1.15% CSAN3 2.69 ▼ 2.89% RAIZ4 0.34 — 0.00% PCAR3 2.22 ▼ 3.48% GMAT3 3.74 ▲ 2.19% PSSA3 47.75 ▼ 0.89% CVCB3 0.98 — 0.00% POSI3 3.56 ▼ 0.84% SLCE3 16.97 ▼ 2.75% NATU3 5.68 ▼ 3.89% BRKM5 3.80 ▲ 19.50% RANI3 7.34 ▼ 0.54% CSNA3 4.76 ▼ 4.99%
since 2009
Monday, November 2, 2026

Global Deep Analysis Latin America

Venezuela Opens Transition Talks With Its Leader’s Legal Basis Unclear

By · September 18, 2026 · 10 min read
Venezuela · Politics

Key Facts

—The story. Venezuela’s government and opposition opened a second round of US-backed talks on 17 September.
—Why it matters. Deals with oil-rich Venezuela depend on who legally holds power there.
—The background. US forces captured Nicolás Maduro on 3 January, and Delcy Rodríguez took over.
—The numbers. The constitution caps temporary presidential absence at 180 days, a ceiling passed in July.
—The catch. No Venezuelan legal text setting out how the handover worked has been published.
—What comes next. Trump reportedly wants to meet Rodríguez at the UN General Assembly next week.

This story is part of our coverage of the Venezuela US tensions. Who runs Venezuela, the US sanctions and oil deals, the Maduro case and the odds are in our dossier.

Latest: Maduro Long-Sentence Odds Climb to 39%

Delcy Rodríguez has run Venezuela, the country with the world’s largest oil reserves, since US forces captured Nicolás Maduro in January. A second round of US-backed transition talks opened on 17 September, yet the legal basis of her presidency remains unpublished.

Free daily brief — no card needed
Get every Global Deep Analysis story in one morning email
We build you a personalized brief around the topics you follow — free for 7 days. Love it? Your first month after that is US$1.
Delcy Rodriguez seated on a dais in Caracas at the ceremony where she assumed the interim presidency, with officials in the audience
Delcy Rodriguez at the ceremony where she assumed the interim presidency in Caracas in January (Photo: Presidencia de Venezuela, public domain)
RT
Ask Rio Times
17 years of Latin America reporting, on demand.
Open the full Ask Rio Times →

Venezuela’s government and opposition opened a second round of US-backed talks on a political transition in Caracas on 17 September 2026. The government side was led by Jorge Rodríguez, brother of Delcy Rodríguez, who has run the country since 5 January.

Why This Matters Beyond Venezuela

Venezuela has the world’s largest proven oil reserves, about 303 billion barrels according to OPEC data cited by Newsweek. Nearly eight million Venezuelans left the country from 2014, the Council on Foreign Relations reported in 2024.

Nicolás Maduro led the country from 2013, after the death of his predecessor, Hugo Chávez. In July 2024 the electoral council declared him the winner of a presidential election without releasing detailed vote counts.

The opposition published tally sheets it said showed its candidate, Edmundo González, winning, and Washington recognised González as the winner. Opposition leader María Corina Machado won the 2025 Nobel Peace Prize for promoting democratic rights in Venezuela.

The LatAm Brief

One email, every weekday morning. What moved in Latin American markets, politics and expat life.

Yesterday’s subject line: “Texas claims nine Rio Grande islands as state land”

Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.

On 3 January 2026, US military attacks resulted in Maduro’s capture, according to a UN fact-finding mission. He pleaded not guilty on 5 January to narco-terrorism and drug charges in a federal court in New York.

His vice-president, Delcy Rodríguez, assumed the presidency on 5 January and has run the country since. Washington now treats her as interim president, and it has lifted its sanctions on her and restored diplomatic relations.

Yet no published Venezuelan legal text explains how she took office, or for how long. That gap matters for oil companies, creditors and Venezuelans, because agreements signed now could later be challenged.

The Signals Are Everywhere

The volume of corroboration for her status is unusual. The Spanish wire service EFE calls her “la presidenta interina de Venezuela”, or interim president, in routine copy.

A UN report uses the term interim President, and a US presidential determination uses it too. Trinidad and Tobago recognised her as acting president in April 2026, Caribbean outlets reported.

CBS News and the Los Angeles Times reported on 1 April 2026 that Washington lifted its sanctions on her. Diplomatic relations between the two countries, broken since 2019, were restored in March.

What the UN Mission Put in Writing

The most specific account comes from a UN document published this week. The independent international fact-finding mission on Venezuela, which reports to the UN Human Rights Council, issued report A/HRC/63/57 on 16 September.

The advance edited version is dated 17 August 2026 and covers 1 September 2025 to 31 July 2026. Its summary describes US military attacks on 3 January 2026 that resulted in Maduro’s “apprehension”.

The same sentence adds the words “and his removal from power”. The Spanish-language press release of the UN human rights office on 16 September uses the word “captura”, or capture.

Paragraph 17 is the closest thing to a legal account anywhere in the public record. It says the Supreme Court appointed the Vice-President, Delcy Rodríguez Gómez, as interim President.

She assumed power on 5 January 2026 and announced what she called a “new political moment”. The mission was due to present the report to the Human Rights Council on 18 September.

How a Presidential Vacancy Is Meant to Work

Venezuela’s constitution draws a sharp line between two kinds of presidential absence. Article 233 lists the grounds for an absolute absence, and the list is narrow.

It covers death, resignation, removal by Supreme Court judgment, certified permanent incapacity, abandonment of office and recall. An absolute absence triggers a new election within 30 days.

Article 234 covers temporary absences, which the Executive Vice-President fills for up to 90 days. Parliament may extend that by a further 90 days, and no more.

The Ruling Nobody Has Published

Neither constitutional route appears to have been formally taken. Acceso a la Justicia, a Venezuelan legal monitoring group, examined the question in an analysis dated 9 April 2026.

It says the Supreme Court’s Constitutional Chamber issued a decision on 3 January 2026 describing the absence as exceptional. The chamber attributed it to foreign aggression and a kidnapping, according to that analysis.

Acceso a la Justicia says the chamber declined to classify the absence as temporary or absolute. It ordered the Vice-President to take over as “encargada”, or person in charge, the group says, without a time limit.

The National Assembly, Venezuela’s parliament, has not declared an absolute absence, according to the same analysis. The Rio Times has not been able to locate a published text of that ruling.

The Clock Ran Out in July

The arithmetic matters because the constitution sets a ceiling. Six months from 3 January 2026 fell on 3 July, and parliament never voted the second extension.

Infobae reported that day that the maximum period for an “encargaduría”, or caretaker mandate, had been reached. Acceso a la Justicia told Infobae that parliament’s silence was itself a failure of its functions.

It also told Infobae the country was entering open and previously unseen unconstitutionality. The government’s stated rationale, per that report, is administrative continuity.

No presidential election has been called. Officials said before the June earthquakes that economic recovery came first.

Washington’s Own Wording

The clearest American statement is buried in an annual drug document. The presidential determination on major drug transit countries went to Congress on 15 September 2026.

It names 23 countries as major drug transit or major illicit drug producing countries. Venezuela is on that list, alongside Colombia, Mexico, Peru, Ecuador and Bolivia.

Only Afghanistan, Bolivia, Burma and Colombia were designated as having failed demonstrably. Venezuela was not, and that is the whole of the change announced on 16 September.

The text credits “my Administration’s arrest and removal of former illegitimate dictator and drug trafficker Nicolas Maduro”. It then cites “positive steps taken under interim President Delcy Rodriguez” as the reason for dropping the tag.

The Meeting That Has Not Happened

The US news site Axios reported on 17 September that Trump wants a bilateral meeting with Rodríguez next week. EFE, reporting from Washington, said the venue would be the margins of the UN General Assembly.

The general debate of the 81st session runs from 22 to 26 September and again on 28 September 2026. Trump is due to address the assembly on the Tuesday, according to EFE’s account of the Axios report.

Reuters reported on 15 September, citing Bloomberg News, that Rodríguez was planning a UN visit. Neither government has announced a meeting, which would be the first between the two leaders.

Inside the Second Round of Talks

The second cycle of negotiations opened at the Hotel Meliá Caracas after 17:30 local time on 17 September. EFE reported that photographers were admitted only briefly and that neither side detailed the agenda.

The opposition delegation is led by Dinorah Figuera, a former National Assembly president. María Corina Machado and the majority opposition leadership are not at the table.

The first round ran from 6 to 12 August and produced two agreements, according to EFE. One covered a full renewal of the Supreme Tribunal, and the other reserves held at the Bank of England.

Those funds were earmarked for victims of the double earthquake of 24 June 2026. This round is billed as covering civil and political guarantees and freedom of expression.

Two Gestures and One Arrest

Two things happened around the opening that read as a test of the process. On 17 September the government unblocked 12 news portals, announced through its peace and coexistence programme.

The monitoring group VE sin Filtro said more than 200 pages and platforms remain blocked. At least 65 of those are media outlets, according to the press workers’ union SNTP.

The same day, Javier Oropeza, a former mayor of Torres in Lara state, was detained in Barquisimeto. He had returned from two years of exile in Spain and had received a case dismissal the day before.

Figuera said she raised the detention with the government delegation, which promised to seek his release. He was released that night, and opposition parties said he was freed under substitute measures.

The Sanctions Conversation

A third track runs through the United Nations, and it is about money rather than legitimacy. Michelle Muschett, the regional director for Latin America of the UN Development Programme, spoke in Bogotá on 17 September.

She said she understood that talks between Venezuela and the United States were under way. Diario las Américas reported her words and noted that sanctions affect the arrival of aid.

The UN humanitarian chief, Tom Fletcher, has called for flexibility on earthquake recovery. The US Treasury issued temporary relief on 25 June 2026 that expires on 23 October, the same report says.

Separately, a US-Venezuela oil accord has reopened the sector to American operators. EFE reported that the arrangement gives the United States control over about a fifth of Venezuela’s crude reserves.

Reactions and Rights Concerns

The UN mission calls the 3 January attack a breach of international law. Washington, by contrast, presents Maduro’s removal as the arrest of a drug trafficker, in the words of its determination.

The mission recorded 64 new torture cases after 3 January and estimates 379 to 500 people still held for political reasons. It also recorded a pattern of short arbitrary arrests aimed at intimidating activists and journalists.

What It Means If You Are Investing or Living There

Treat the legal basis of the current government as unsettled, because it is. Contracts signed with a government whose mandate has no published constitutional footing carry a specific risk.

That risk is not political sentiment but the possibility of later challenge in a Venezuelan or foreign court. Counterparty diligence should ask which decree or ruling authorises the signatory, and request the text.

For residents, the practical signals are mixed rather than uniformly better. The Oropeza case fits the pattern of short arrests closely, on the opposition’s account of it.

What Is Not Yet Known

No published legal instrument sets out how the presidency actually changed hands. The Rio Times does not assert that a constitutional transition has taken place.

What exists is a large body of consistent usage and one unpublished court decision described by third parties. What does not exist, so far as we can establish, is a published ruling, a parliamentary declaration or an election.

It is not known whether the National Assembly will ever declare an absolute absence. It is not known what legal status the interim presidency carries after the 180-day ceiling passed in July.

It is not known whether the Trump meeting will take place, or what it would formalise. It is not known when, or whether, a presidential election will be scheduled.

Frequently Asked Questions

Why does this matter?

Venezuela holds the world’s largest proven oil reserves, and an oil accord has reopened the sector to American operators. Agreements signed with a government whose legal basis is unpublished could later be challenged in court.

Is Nicolás Maduro still president of Venezuela?

He has not held office in practice since 3 January 2026. No published Venezuelan instrument records a resignation, removal or declared absolute absence.

Who is Delcy Rodríguez?

She was Maduro’s Executive Vice-President and assumed the presidency on 5 January 2026. The UN mission says the Supreme Court appointed her interim President.

Was Venezuela taken off the US drug list?

No. It stayed on the 23-country majors list and only lost the separate failed demonstrably designation.

Sources: UN fact-finding mission on Venezuela, report A/HRC/63/57, OHCHR press release on the mission’s findings, 16 September 2026, Presidential determination on major drug transit countries for fiscal year 2027, United Nations, high-level week 2026, EFE on the second round of transition talks in Caracas, EFE on the Axios report of a planned Trump meeting, Acceso a la Justicia on the presidential absence and articles 233 and 234, Diario las Americas on the sanctions talks, Diario las Americas on the unblocked news portals, Newsweek, Venezuela’s oil reserves compared, citing OPEC, Council on Foreign Relations, Venezuela backgrounder, CBS News, the 2024 election and US recognition of Edmundo González, Norwegian Nobel Committee, 2025 Peace Prize, NPR, the charges against Maduro, NBC News, Maduro’s not-guilty plea in New York

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map →

Brazil runoff date: Sunday, October 25, poll closing times and when results start · Brazil runoff polls: Flávio 51%, Lula 49% · Kalshi and Polymarket odds

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.