Recent U.S.-backed negotiations between interim President Delcy Rodríguez’s government and opposition factions center on reforming the Supreme Tribunal of Justice by mid-December 2026 and the National Electoral Council shortly afterward. Once complete, a presidential vacancy declaration would trigger a constitutional six-month window for elections, aligning with opposition leader María Corina Machado’s public push for a 2027 vote following her late-October return. Rodríguez has affirmed elections under a renewed electoral authority but has not set a date, while talks continue without Machado’s direct participation. These institutional steps, combined with international oversight demands, remain the primary factors shaping trader views on the earliest feasible scheduling.