The uncertain political transition in Venezuela following Nicolás Maduro’s January 2026 capture by U.S. forces and the Supreme Tribunal’s installation of Delcy Rodríguez as acting president remains the dominant driver of trader positioning on the timing of the next presidential election. National Assembly President Jorge Rodríguez has publicly ruled out an immediate vote, stressing the priority of national stabilization and the need for opposition agreement on any electoral timetable. Constitutional requirements for a six-year term continue to frame expectations around 2030 absent new legislation or negotiations, while earlier regional and municipal contests in 2025 highlighted persistent barriers to transparent processes. These factors sustain market focus on whether scheduling occurs by year-end amid ongoing diplomatic and institutional pressures.