October 2023

The Washington Post published an editorial yesterday that concludes: "Whether Mr. Maduro now makes way for a truly competitive political process, or just collects oil revenue and pays lip service to democracy, will depend first on Mr. Maduro, but, second, on whether the opposition, Venezuelan civil society and the United States hold him to his commitments.

With the presence of representatives from the European Union, the U.S., Latin American governments, and (some) Venezuelan opposition figures, the regime led by Nicolas Maduro agreed this week in Barbados to a "set of electoral guarantees" for the "upcoming presidential election" in the second semester of 2024. Maduro also submitted to electoral observers from the EU, U.N., African Union, and Carter Centre, and, crucially, agreed to audits of the electoral system.

Further to media announcements in late September about development of Dragon Field by Trinidad and Venezuela, the Maduro government is yet to give any indication as to what was signed and how the deal, which has to comply with U.S. Treasury's sanctions, will structure a non-cash paying mechanism to Venezuela. Deals of this nature signed by the Executive only become official, as far as current Venezuelan law is concerned, once Congress approves and orders publication in Official Gazette. That is yet to happen.