WSJ What’s News Why Venezuela Bonds Are Rallying After Maduro’s Ouster
11 snips
Jan 6, 2026 
Collin Eaton, a Journal reporter specializing in U.S. oil companies, discusses the high stakes for the industry in investing in post-Maduro Venezuela. He highlights the challenges, including legal hurdles and market hesitation. Meanwhile, Matt Wirtz, a credit reporter, shares insights on the surprising rally of Venezuelan bonds, with price gains of 25–35%. He describes the potential for debt restructuring and the complex processes involved, raising hope for investors who have held onto these distressed assets.
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Trump Told Oil Executives To 'Get Ready'
- President Trump privately told some American oil executives to 'get ready' before the operation to capture Nicolás Maduro.
- Eaton presents this as evidence of oil's central role in the administration's calculus on Venezuela.
Oil Play Is Political And Practical
- The Trump administration sees restoring Venezuelan oil production as a way to lower U.S. gasoline prices and reduce migration pressures.
- Collin Eaton says removing Maduro is necessary but not sufficient for big oil to invest; companies want legal and political stability and protection from past nationalizations.
Legal Limits Hinder Quick Investment
- Venezuela's constitution bars foreign majority stakes, limiting how U.S. firms can seize new upstream opportunities.
- Eaton emphasizes that past nationalizations and broken deals make companies wary despite large reserves under assets like Chevron's joint ventures.