**Nicolás Maduro and Delcy Rodríguez lead trader expectations for Venezuela’s leadership at the end of 2026 due to the gradual pace of the U.S.-backed transition process.** Maduro was removed from power by U.S. forces in January 2026 and faces U.S. charges, after which the Supreme Court installed his former vice president, Delcy Rodríguez, as interim leader. Ongoing talks in Caracas, now in their third round as of mid-October, focus on institutional reforms to the Supreme Court, electoral council, and repressive laws rather than an immediate vote, with no presidential election date set. Opposition figures including María Corina Machado remain largely sidelined from negotiations, while some chavista negotiators have received sanctions relief. These factors sustain market consensus around continuity under Maduro-aligned leadership or Rodríguez through the end of the year, despite public calls for faster elections.