Wola Podcast

This episode assesses the "transition"—if that is the correct word—in Venezuela nine weeks after the January 3 U.S. military operation that extracted Nicolás Maduro. This conversation with Laura Dib, director of WOLA's Venezuela program, and Francisco Monaldi, director of the Latin American Energy Program at Rice University's Baker Institute for Public Policy, focus particularly on the role of oil, the country's largest source of foreign exchange by far. Dr. Monaldi acknowledges that oil revenues have increased significantly. However, these revenues now flow into a U.S.-controlled account. The lack of transparency around this fund—including unknown balances and unclear disbursement rules—is deeply concerning. Dib emphasizes that ordinary Venezuelans have yet to feel material improvements. Over 12.4 million out of perhaps 29 million Venezuelans facing severe humanitarian needs, and "when Venezuelans go to a supermarket right now, they don't really feel a change." While more than 600 political prisoners have be