Jun 2, 2026
Ricardo Hausmann
Venezuela’s oil production is rising, yet its currency is depreciating, inflation is accelerating, and foreign exchange remains scarce. The disconnect reflects a political economy built on private dealmaking and a mutually beneficial alliance between ruling elites and US President Donald Trump’s acolytes.
CAMBRIDGE—Shortly after the capture of Venezuelan President Nicolás Maduro, US President Donald Trump praised the country’s new rulers. Delcy Rodríguez, Maduro’s vice president who assumed power after his arrest and transfer to the United States, was “doing a great job,” Trump said, adding that “oil is starting to flow, and large amounts of money, unseen for many years, will soon be greatly helping the people of Venezuela.”
