Venezuela Under Remote Control: The Capture of Maduro and the Future of Global Oil

This episode explores the extraordinary start to 2026 following the capture of Nicolás Maduro by US forces and his subsequent transport to stand trial in New York. Host Rory Johnston is joined, once again, by Francisco Monaldi of Rice University’s Baker Institute to analyze the new "remote control" era of Venezuelan governance. The discussion details the installation of Delcy Rodríguez as interim president and her complex role as a pragmatist navigating the revolution’s survival under intense US pressure. Listeners will gain insights into the immediate market impact of 30 to 50 million barrels of stored oil being rerouted from the Chinese black market to the U.S. Gulf Coast. The conversation also examines the long-term challenges of rebuilding an industry that requires up to $100 billion and a decade of stability to reach its former peak production. Monaldi breaks down the legal and operational shifts necessary for American "wildcatters" and majors like Chevron to safely ramp up activity within the country’s dilapidated infrastructure. Finally, the episode reflects on a "new market order" where geopolitical vibes and discretionary policy decisions increasingly dictate global crude flows.