Venezuela embarks on $150 billion restructuring of debt amid political turmoil

Venezuela's interim President Delcy Rodriguez speaks during a press conference after a signing of an agreement ceremony between Chevron Venezuela and the national government at the Miraflores Palace in Caracas on April 13, 2026. Venezuela's interim president, Delcy Rodriguez, praised on April 13 the progress made in the oil sector regarding foreign investment as part of the signing of agreements with the U.S. giant Chevron to increase crude oil production. (Photo by Juan BARRETO / AFP via ) Juan Barreto | Afp | The Venezuelan government announced Wednesday that it has begun a "comprehensive and orderly process" for restructuring its enormous sovereign and state oil company debt. In a statement, Venezuela's economics and finance ministry said the intention was to "put the economy at the service of the Venezuelan people and free the country from the burden of accumulated debt." "Venezuela demonstrated solvency throughout the years, fully complying with all its international obligations. This capacity and willingness to meet our financial commitments was impeded from 2017 onward as a result of financial sanctions," the government said. …