Overview
- Interim president Delcy Rodríguez removed Alex Saab from the Industry ministry and from the helm of the CIIP in a continued shake-up of the economic team.
- Calixto Ortega, a U.S.-trained banker and former central bank head and Houston-based diplomat, was named CIIP chief and vice president for the economic area.
- Analysts say Ortega’s elevation is a clear signal to Washington intended to draw foreign capital, including interest from oil majors such as Chevron and ExxonMobil.
- Venezuela’s oil output is reported around 1.2 million barrels per day after years of sanctions and underinvestment, a backdrop shaping investor calculations.
- Saab, long tied to Maduro’s network and the CLAP procurement program, was sanctioned in 2019, detained and extradited to the U.S., held about 40 months, then freed in a late-2023 prisoner exchange before his recent removal.