Venezuela, day 110: the institutional map and the decisions still pending
On April 3, the 90-day constitutional term expired without a formal extension vote or declaration of permanent vacancy. At day 110, the economic architecture advanced: 13 GLs, hydrocarbons and mining reforms, BCV desanctioned. The political architecture — CNE, Electoral Statute, convocation, roadmap — did not. This analysis documents facts, separates confirmed from disputed, and maps pending decisions.
VE-MACRO · UNDER OBSERVATION. On January 5, Delcy Rodríguez assumed the acting presidency under Article 234 of the Constitution. On April 3, the initial 90-day term expired. There was no formal declaration of permanent vacancy, nor an extension vote by the National Assembly. The constitutional framework designed for this scenario did not activate an electoral mechanism nor formalize continuity. This analysis documents verifiable facts at day 110, separates what is confirmed from what is reported-but-disputed, and maps the decisions no actor has formally taken.
The Rubio three-phase plan — stabilization, recovery, transition — was presented in classified Senate and House briefings in January. Rubio offered no election timeline.
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FURTHER READING
04No extension: on Tuesday each oil company decides whether the new fiscal regime pencils out
With the deadline firm, migrating turns from paperwork into arithmetic: at 20% to 35% by field type, each operator decides whether the return holds or keeps its rights without the fiscal benefit.
OFAC eligibility in Venezuela: who lends the permit to sign with PDVSA
A Canadian oil company set out on August 24 the six steps it took to enter Venezuelan crude: a U.S. subsidiary, registration with the investment agency, exclusivities, data packages and a field visit. Five it took alone. For the sixth it states that it partners "with entities benefiting from the updated U.S. sanctions regime."
Venezuela macro August 2026: the slide moderates and the accounts remain unaudited
The official rate rose 19.84% in July, but in August the slide eases to 5.09%. The central bank reported 7.14% growth in the second quarter and the Fund projects 4% for the year: nothing available today arbitrates between the two figures.
GL 62 — Negotiations of and Entry Into Contingent Contracts for Investment in the Telecommunications Sector of Venezuela
Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — related to the negotiation of and entry into contingent contracts for new investment in the telecommunications sector of Venezuela, provided that performance of any such contract is made expressly contingent upon separate authorization from OFAC. Covers establishing new telecommunication service providers, expanding existing operations, and forming new joint ventures or other entities, along with prefatory steps such as commercial, legal, technical, safety, and environmental due diligence and assessments. No periodic reporting and no expiration date.