This comes as leading opposition leader, Maria Corina Machado, returns to Venezuela and hints at criticism of Trump administration.
Published On 3 Nov 2026
The United States has urged Venezuela to continue on a phased plan of economic recovery and political reconciliation before embarking on democratic elections.
Secretary of State Marco Rubio discussed the gradual plan during a meeting on the country’s political future with Venezuelan Minister of Foreign Affairs Oliver Blanco on Monday. The meeting comes nearly a year after US forces abducted former Venezuelan President Nicolas Maduro from Caracas and brought him to the US to face drug trafficking and other charges.
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Neither Rubio nor Blanco spoke to the media after the meeting, but in a readout. The State Department said in a readout that Washington had reaffirmed President Donald Trump’s “three-phase plan for Venezuela: stabilization, economic recovery and political reconciliation, and democratic transition”.
Last week, Venezuelan opposition leader Maria Corina Machado returned to her country, thanking the US president and Rubio for their support. Machado, a Nobel Peace Prize laureate who gifted her medal to Trump in 2025, said she had come to organise a movement in preparation for Venezuelan elections.
Rubio “has set out a sequence of events aimed at moving toward a democratic transition that makes clear the holding of presidential elections in 2027”, she said.
Machado is balancing an election campaign with a Trump administration that has sought to extract oil from Venezuela by striking deals with the government of interim President Delcy Rodriguez, who served as Maduro’s vice president and took over after his abduction.
In September, the Trump administration said it had struck a deal with Venezuela that would give Washington a stake in about one-fifth of the country’s oil resources.
The US said it was creating a joint venture with North American Blue Energy Partners (NABEP), owned by Venezuelan businessman Alejandro Betancourt, which is the second-largest private oil operator in Venezuela, behind Chevron.
Under the deal, Caracas is giving the company 100-year rights over 17 oilfields with proven reserves of 65 billion barrels. The Pentagon will have a 35 percent stake in NABEP, and the US will be guaranteed the right to buy 20 percent of its oil output at cost, the Trump administration has said.
Shortly before Machado’s statements on Thursday, Rodriguez assured the nation that elections would be held in Venezuela “with the world as witness”, but did not specify a date.
When asked about a possible meeting with Rodriguez, Machado said she had not received any message from the interim president or from Washington.
In remarks after returning Venezuela, Machado seemed sceptical of the oil agreement with the US.
“This agreement does not reflect the levels of transparency that Venezuelan society wants,” Machado said.
