President Donald Trump was asked Wednesday why the United States is not pushing Venezuela to establish a date for elections.
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His answer was blunt.
“I just don’t think they’re ready yet. You know, it’s very new.”
Trump went on to praise Venezuela’s interim president, Delcy Rodríguez, saying she is “doing a very, very good job” and is “very highly respected.”
Then he added: “Delcy wants it, but they’re not ready yet.”
The comments come as the Trump administration moves forward with a dramatically expanded relationship with Venezuela, one that increasingly centers on the country’s vast oil reserves.
A major oil deal and a major political question
On Wednesday, U.S. Energy Secretary Chris Wright traveled to Venezuela for the signing of a new oil agreement between the two countries.
Wright called it “a historic day in the transformation of Venezuela.”
The agreement gives a U.S.-backed venture rights to develop 17 Venezuelan oil fields containing an estimated 65 billion barrels of reserves. The arrangement is structured around a 100-year lease, while the Trump administration says the broader plan is designed to attract billions of dollars in investment and rebuild Venezuela’s battered energy industry.
Wright said the deals being signed could ultimately bring tens of billions of dollars in investment and create thousands of jobs.
Chevron also confirmed Wednesday that it will expand its Venezuelan operations, with plans to invest more than $7 billion over the next five years.
For Rodríguez, the economic argument is straightforward: increasing oil production means more revenue for Venezuela and, she says, a better quality of life for Venezuelans.
She has pointed to better jobs, higher salaries and improved public services as potential benefits.
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But the economic agreement also creates a complicated political question.
What happens to elections?
Rodríguez is a central figure in the political system that existed under former President Nicolás Maduro. That makes Trump’s comments particularly significant.
The Trump administration has repeatedly said Venezuela ultimately needs a democratic government. But Trump is now saying the country is not ready for elections yet, without giving a specific timeline for when it will be.
Secretary of State Marco Rubio offered a broader explanation of the administration’s thinking.
“We don’t just want there to be an election,” Rubio said. “Election is important, but we want to make sure that it leads to a republic.”
Rubio said the goal is an enduring political system with elections held regularly into the future.
Critics, however, question whether giving Rodríguez’s government a central role in managing Venezuela’s oil wealth could make it more difficult to force a rapid political transition.
Rubio says the United States plans to hold another round of transitional talks in about 10 days.
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