FT News Briefing Trump plans to ‘run’ Venezuela. What now?
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Jan 5, 2026 
In this engaging discussion, James Politi, Washington Bureau Chief, analyzes US strategies and Trump's ambitions in Venezuela. Michael Stott gives insights into the fear and control gripping Caracas after Maduro's capture. Miles McCormick dives into the complexities of reviving Venezuela's oil industry, highlighting its vast potential and the challenges US companies face. Together, they unravel the intricate web of politics and energy that defines this critical moment for Venezuela.
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Unclear US Strategy After Maduro's Capture
- The US captured Nicolás Maduro and now faces unclear choices about how to govern Venezuela or influence its rulers.
- James Politi notes Washington may enforce an oil embargo or run the country through remaining leaders, but the plan and duration are vague.
Caracas Remains Controlled Despite Shock
- Caracas felt eerily quiet after Maduro's capture because chavista leaders still command obedience on the streets.
- Ana Rodriguez-Brazon reports fear, long lines at shops, and Venezuelans wanting 2024 election results respected.
Delcy Rodríguez's Balancing Act
- Delcy Rodríguez faces a dual pressure: US demands and hardliners within the regime.
- Michael Stott says she will try to consolidate support and keep the regime cohesive to survive.