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The auction could start a new chapter for the 113-year-old company, which has been owned by Venezuela for almost 40 years. Washington and Venezuela's political opposition wanted Citgo to anchor the country's economic future under a democratically elected government. The sale could become the biggest court auction ever held. Motiva, Valero and Citgo's ultimate parent, Venezuela's state oil company PDVSA, did not reply to requests for comment. "Citgo will be strategic for Venezuela in the next 20-25 years, not only as a refining company, but with an expanded role," director Medina said.

Persons: Biden, Citgo, Nicolas Maduro's, Matthew Blair, Tudor, Blair, Jose Ignacio Hernandez, Leonard Stark, PDVSA, PDV, Juan Guaido, Natalie Shkolnik, Wilk Auslander, Nicolas Maduro, Stark, Evercore, Conoco, Horacio Medina, Carlos Jorda, Medina, Hernandez, Marianna Parraga, Erwin Seba, Gary McWilliams, Anna Driver Organizations: U.S . State Department, Reuters, Marathon Petroleum, Motiva Enterprises, Valero Energy, Koch Industries, Valero, U.S . Treasury, Holt, U.S, Crystallex International, PDVSA, National Assembly, Citgo, PDV, Supreme, Evercore, ConocoPhillips, Exxon Mobil, Exxon, U.S . Treasury Department's, Foreign Assets Control, Thomson Locations: United States, Petroleum, U.S, Houston, Venezuela, Washington, Saudi, Pickering, Citgo, Delaware, Caracas

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The United States on Wednesday lifted for six months most restrictions on Venezuela for producing, selling and exporting oil to its chosen markets. Not all sanctions on PDVSA were lifted by the United States. Before sanctions, India and the United States were other top destinations. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets Control, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Italy's Eni, United, Thomson Locations: Caracas, Venezuela, Venezuelan, United States, U.S, Asia, PDVSA, American, CHINA, EUROPE, China, India, PetroChina, Maduro, Washington

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The U.S. on Wednesday lifted most restrictions on Venezuela for six months for producing, selling and exporting oil to its chosen markets. But it is not expected to significantly boost Venezuela's deteriorated oil production or immediately lead to stronger exports. Venezuela can now receive direct payments for goods or services under the license issued by OFAC, which oversees American sanctions. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Washington, Pedro Tellechea, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham, Marguerita Choy Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets, Oil, OFAC, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Eni, Thomson Locations: Caracas, Venezuela, Venezuelan, U.S, Asia, PDVSA, United States, American, CHINA, EUROPE, China, India, PetroChina, Houston, Maduro, Washington

REUTERS/Leonardo Fernandez Viloria/File Photo Acquire Licensing RightsNEW YORK/CARACAS, Oct 19 (Reuters) - Venezuela's sovereign bonds rallied on Thursday, a day after the United States lifted its ban on secondary market trading of some of the country's eurobonds, with investors eyeing a debt restructuring on some $60 billion of defaulted debt. "Prices have almost doubled in the past 24 hours but are still well below the pre-sanctioned levels," said Edward Cowen, CEO of Winterbrook Capital, who has co-invested in a fund to buy Venezuelan debt. Cowen added that a return to Venezuela's regular weighting on global indexes like JPMorgan's would give the prices further support. "I think the market was caught by surprise as the ban on secondary trading of bonds was not expected to be removed this early in the negotiation," said Armando Armenta, senior economist for global economic research at AllianceBernstein. Small funds and investors outside the United States had looked to increase their exposure to Venezuelan bonds on the expectation of debt renegotiations.

Persons: Leonardo Fernandez Viloria, PDVSA, Edward Cowen, Cowen, Armando Armenta, Maria Corina Machado, Rodrigo Campos, Mayela, Marc Jones, Corina Rodriguez, Christina Fincher, Will Dunham Organizations: REUTERS, South, Winterbrook, U.S . Treasury Department, Petroleum, Venezuelan, U.S . State Department, Mayela Armas, Thomson Locations: Bolivar, Caracas, Venezuela, CARACAS, United States, South American, U.S, Venezuela's, Venezuelan, New York, London, Madrid

[1/2] Venezuela's President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi at the Miraflores Palace, in Caracas, Venezuela June 12, 2023. It was not immediately known how soon the U.S. might act or how far it could go with sanctions relief. U.S. sources have also said any relaxation of sanctions would be reversible if Maduro fails to meet his election commitments. Maduro, president since 2013, is expected to run for re-election but has not yet formalized his candidacy. The U.S. imposed sanctions on Venezuela to punish Maduro's government following a 2018 election that Washington considered a sham.

Persons: Nicolas Maduro, Ebrahim Raisi, Leonardo Fernandez Viloria, Joe Biden's, Maduro, Maria Corina Machado, Jorge Rodriguez, Rodriguez, Gerardo Blyde, Machado, Maduro's, Washington, Deisy Buitrago, Vivian Sequera, Matt Spetalnick, Julia Symmes Cobb, Will Dunham, Josie Kao Organizations: REUTERS, Rights, European Union and United Nations, Reuters, U.S, Petroleum, Thomson Locations: Miraflores, Caracas, Venezuela, Rights CARACAS, WASHINGTON, U.S, Washington, Maduro, Barbados, Qatar, Houston

Its startup could add as much as $2 per barrel to prices paid by U.S. Midwest oil refineries that sit along Canada's existing main oil-export route. "They will be competing for barrels that no longer transit through their region," said a Calgary-based oil trader. That has left Canadian oil producers vulnerable to deep price discounts or "blowouts" whenever pipelines become congested or rupture. The start-up of TMX could add a "buck or two" to the cost of a barrel for Midwest refiners, he estimates. So far this year, over 200,000 bpd of Canadian crude has been re-exported from the U.S. Gulf Coast, up from about 73,000 bpd in 2019, Kpler data showed.

Persons: Rory Johnston, Matt Smith, Smith, Stephanie Kelly, Nia Williams, Laura Sanicola, Marguerita Choy Organizations: U.S ., U.S, BP, Citgo Petroleum, Exxon Mobil, Koch Industries, Flint Hills Resources, Canadian, Energy, Administration, TC, Keystone, refiners, Americas, Thomson Locations: CALGARY, Alberta, Coast, U.S, U.S . Midwest, Gulf Coast, Midwest, Flint, Calgary, Canada, Pacific, U.S . West Coast, Asia, Gulf, China, Kpler

☆ Venezuela appeals to US Supreme Court in last ditch move to limit Citgo auction
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

Aug 17 (Reuters) - Venezuela is making a last ditch attempt to limit the number of companies that could participate in a court-ordered auction of shares in a parent of oil refiner Citgo Petroleum, appealing to the U.S. Supreme Court to overturn a lower court's ruling. Venezuela's petition is asking the Supreme Court to find the lower court's "alter ego" decision was faulty. It does not affect the case against Venezuela filed by miner Crystallex International, whose $970 million claim led to the proposed auction of shares. The petition seeks to have briefs filed by September 15 - just ahead of the start of the proposed auction. A Delaware court judge has set Oct. 23 as the start date for the auction.

Persons: Nicolas Maduro, Gary McWilliams, Deepa Babington, David Gregorio Our Organizations: Petroleum, U.S, Supreme, ConocoPhillips, Exxon Mobil, Tenaris SA, CITGO Petroleum Corporation, Venezuela, Crystallex, Thomson Locations: Venezuela, PDV, United States, Illinois , Louisiana, Texas, Delaware, Houston, PDVSA

The country's elected opposition-led National Assembly in 2019 issued an order naming supervisory boards to look over Venezuela's foreign assets after the U.S. imposed sanctions intended to oust President Nicolas Maduro. The congress is the only one recognized abroad and has received U.S. authority to negotiate any external debt payments. If the proposal is passed, the National Assembly would allow negotiations to extend the bonds' validity for five more years, according to a source involved in the talks. Venezuela's external debt, including PDVSA's, exceeds $60 billion. Reporting by Mayela Armas in Caracas and Marianna Parraga in Houston Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nicolas Maduro, Horacio Medina, Mayela Armas, Marianna Parraga, Marguerita Choy Organizations: National Assembly, Washington, U.S, Administration, Citgo Petroleum, Crystallex International, ConocoPhillips, Thomson Locations: CARACAS, HOUSTON, Venezuelan, Venezuela, Delaware, Caracas, Houston

REUTERS/Jonathan Bachman/File PhotoHOUSTON, July 21 (Reuters) - A U.S. court set Oct. 23 as the start date for a long-expected auction of shares in Venezuela-owned refiner Citgo Petroleum's parent to pay creditors with judgments against the South American nation. U.S. Judge Leonard Stark in Delaware this week accepted a recommendation by a court official in charge of organizing the auction. Proceeds from any sale of PDV Holding shares would be used to pay off creditors previously cleared by the court. Any sale of Citgo without the participation of Venezuela would be "hurtful," Pedro Tellechea, Venezuela's oil minister, said on Friday. "It's not a PDVSA asset.

Persons: Jonathan Bachman, Judge Leonard Stark, PDV, Pedro Tellechea, Horacio Medina, Stark, Venezuela's, Hugo Chavez, PDVSA, Marianna Parraga, Gary McWilliams, Richard Chang, Grant McCool Organizations: Citgo Petroleum, REUTERS, South, Petróleos, PDV, U.S . Treasury Department, PDVSA, Crystallex, ConocoPhillips, Siemens Energy, Tree Investments, Inc, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, Thomson Locations: U.S, Stowell , Texas, Venezuela, South American, PDV, Delaware

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

July 7 (Reuters) - A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The decision allows the six to move ahead with their about $3 billion in combined claims against Venezuela state oil firm PDVSA in a Delaware federal court. That court is in the initial steps of preparing an auction as soon as September. It also declined to consider PDVSA's request to bar the attachments from the district court case. Reporting by Gary McWilliams; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Venezuela's, Crystallex, Gary McWilliams, Daniel Wallis Organizations: Petroleum, Huntington Ingalls Industries, ACL1 Investments, Koch Minerals, Rusoro Mining, PDV, Thomson Locations: Venezuela, Delaware

HOUSTON/CARACAS, July 7 (Reuters) - Venezuela's opposition is crafting a proposal for the country to redirect about 200,000 barrels per day of its oil exports to a trustee to pay creditors with claims on the nation's foreign assets. A negotiation team representing Venezuela in late 2022 began formal talks with some creditors, including miner Crystallex and oil producer ConocoPhillips (COP.N), to avoid the loss of Citgo. A license by the U.S. Treasury Department would be required and Venezuelan state oil company PDVSA would not have access to cash flow from those exports, Medina said. One of the opposition's arguments is that PDVSA is currently forced by U.S. sanctions to sell its oil in Asia at deep discounts. Energy analysts estimate the U.S. Gulf Coast has more room for processing Venezuela's heavy sour crude grades.

Persons: Horacio Medina, Nicolas Maduro, Medina, PDVSA, refiners Citgo, Marianna Parraga, Rosalba O'Brien Organizations: HOUSTON, Petroleum, ConocoPhillips, United Nations, Maduro, U.S . Treasury Department, Valero Energy, PBF Energy, Treasury Department, Chevron Corp, PDVSA, Chevron, . Energy, Gulf, Thomson Locations: CARACAS, Venezuela, Venezuelan, United States, China, Houston, Washington, American, Asia, Chevron, Caracas

HOUSTON, June 30 (Reuters) - Negotiators representing Venezuela have held settlement talks with bondholders and creditors owed billions of dollars from defaults and expropriation claims, the head of a board supervising the country's foreign oil assets told Reuters. The U.S. has for years shielded Citgo from seizure under a license that will expire next month if not renewed. Some $2.6 billion in court-approved claims from Crystallex International, ConocoPhillips (COP.N), Siemens Energy (ENR1n.DE) and Red Tree Investments could be applied to auction proceeds. "We have progressed with the bondholders and Crystallex since party representatives officially met for the first time late last year and in February, respectively. IN 'GOOD FAITH'A negotiation team representing Venezuela also has held talks with ConocoPhillips, but they have not swapped financial proposals, he said.

Persons: Horacio Medina, Medina, Ryan Lance, Citgo, Marianna Parraga, Gary McWilliams, David Evans Organizations: Reuters, Citgo Petroleum, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S . Treasury, U.S, Thomson Locations: Venezuela, U.S, New York, Delaware, Washington

☆ Claims pursuing Citgo's assets surpass $20 billion, supervisory board says
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

HOUSTON/CARACAS, May 31 (Reuters) - A group of Venezuela-related expropriation claims at U.S. courts pursuing Citgo Petroleum's assets surpass $20 billion, making it difficult for the Houston-based refiner to compensate them all, the chief of a board supervising the company said on Wednesday. Once one of Citgo's U.S. parent companies, Citgo Holding, pays off its debt entirely later this year, the firm will have room to get new financing, an extra tool for negotiating some compensations, Medina added. "We already have lined up $21 billion (in claims)," he said when comparing those to Citgo's assets, including its 769,000-barrel-per-day refining network, which have been valued at some $11 billion. A growing number of companies are seeking to be part of the case and participate in an eventual auction of shares. A U.S. court of appeals in May granted a temporary stay preventing six companies from joining a proposed court auction, giving Venezuela a small relief in the legal fight.

Persons: Horacio Medina, Medina, Citgo, Marianna Parraga, Gary McWilliams, Daniel Wallis Organizations: HOUSTON, U.S, Citgo, Houston, Crystallex, Thomson Locations: CARACAS, Venezuela, Caracas, U.S, Medina, Delaware, Louisiana , Illinois, Texas, United States, Houston

☆ U.S. refiners build new oil processing as travel rises
▼ + stars: | 2023-05-16 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

HOUSTON, May 16 (Reuters) - U.S. oil refiners aim to run at up to 94% of a total 17.9 million barrels per day processing capacity this quarter, according to company forecasts and analysts, driven in part by expectations of seasonal travel demand. This quarter is traditionally one of the year's hottest for demand as companies build gasoline and jet fuel output for the summer vacation season. He estimates refiners overall will run at 94% utilization rate this quarter, matching the 2017-19 average for the period. High prices will keep U.S. refinery utilization rates at levels near last year's about 91.7% this year and next, the U.S. Energy Information Administration forecast in January. Refiners will add the capacity to process an additional 328,000 bpd in this quarter, increasing gasoline and diesel supplies this summer.

HOUSTON, May 8 (Reuters) - A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The companies had won conditional attachments to a federal case in which the judge has approved a process to auction the shares to pay a $970 million judgment won by miner Crystallex. The six hold arbitration awards or judgments that total about $2.6 billion and wanted those awards to be included in the auction. The proposed auction, which could break up the seventh largest U.S. refiner to pay creditors, took a giant step forward last month with a greenlight from the U.S. Treasury. Washington has since recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors.

The U.S. Treasury Department since 2020 has protected Citgo from creditors with claims against Venezuela, and its change of heart will allow claims to be settled by negotiation or through an auction of shares in Citgo parent PDV Holding. Citgo is PDV Holding's only asset. Houston-based Citgo is the seventh-largest U.S. oil refiner. Other creditors with at least $2.6 billion in claims against Venezuela have received conditional approvals to join the case. Pincus proposed starting the sales process on Sept. 5 with the highest bid reviewed by the court in June 2024.

☆ U.S. extends Citgo's protection from creditors for three months
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 19 (Reuters) - The U.S. on Wednesday extended for three months a license that protects Venezuela-owned oil refiner Citgo Petroleum (PDVSAC.UL) from creditors trying to seize its assets to recoup pending debts. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) extended the general license until July 20, according to the department's website. Washington has since 2019 recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors. O-I Glass Inc (OI.N), Huntington Ingalls Industries (HII.N), ACL1 Investments, Rusoro Mining Ltd (RML.V) and Gold Reserve (GRZ.V) separately have won attachments contingent on obtaining U.S. Treasury approval to seize assets, or an end to the Treasury protection. ConocoPhillips (COP.N) separately has a claim against Venezuela valued at $1.29 billion over the nationalization of its oil assets in the country.

☆ PDVSA's supervising board to appeal new creditors' move to go after Citgo
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

HOUSTON, March 31 (Reuters) - A board that supervises Venezuela's overseas assets said it plans to file an appeal to a U.S. court's decision granting four firms the right to seize shares in one of the parent companies of Venezuela-owned U.S. refiner Citgo Petroleum. Other companies have sought to attach their own judgments to the case, leading to a feud this week among attorneys over priority. The decision by a U.S. judge in Delaware to approve the attachments is contingent on green light by the U.S. Treasury Department. An ad-hoc board created by Venezuela's National Assembly in 2019 to supervise PDVSA's foreign subsidiaries, especially Houston-based Citgo Petroleum, will oppose any conditioned auction, board's president Horacio Medina told Reuters. Reporting by Marianna Parraga and Gary McWilliams Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

"We greatly sympathize with Mr. Vadell for everything he and his family have been through," a Citgo spokesperson said in a statement. "We disagree with this lawsuit, which irresponsibly equates CITGO, an American company based in Houston, with an authoritarian regime in Venezuela." Vadell and the other executives were summoned to a meeting at Venezuelan state-oil firm Petroleos de Venezuela (PDVSA.UL), Citgo's parent. A Venezuelan court sentenced the executives in 2020 to prison terms ranging from eight to 13 years. The case is Tomeu Vadell et al V. Citgo Petroleum Corp., Harris County District Court, No.

☆ Venezuela opposition names committee to manage foreign assets
▼ + stars: | 2023-01-19 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

Venezuela traditionally has only one legislature, but currently has two parallel bodies - one of government-allied lawmakers and another for the opposition. Opposition party members Carlos Millan, Rene Uzcategui, Yon Goicoechea and Fernando Blasi will serve on the committee headed by Gustavo Marcano. Many assets controlled by the opposition have enjoyed the United States' protection against creditors, which this week extended its protection of Citgo for three months. Marcano, Goicoechea and Blasi served on the spending control committee previously operated under the interim government of former opposition leader Juan Guaido. Blasi will also represent the assembly in the United States, while lawmaker Miguel Pizarro will work on the assembly's behalf at the United Nations.

☆ 'No reason' for opposition talks to go on unless funds are released: Venezuela official
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

CARACAS, Jan 17 (Reuters) - The head of the Venezuelan government's negotiating team in its talks with the country's opposition said on Tuesday there was no reason to return to dialogue if the government's opponents do not "return" frozen foreign assets. The money was frozen by U.S. and European banks after the United States ramped up sanctions to pressure President Nicolas Maduro to take steps toward free elections. The opposition national assembly - backed by the United States and others - is able to control some assets in other countries, including U.S.-based refiner Citgo Petroleum. The opposition has sought to protect foreign assets from creditors. The United States on Tuesday extended for three months the license that protects Citgo Petroleum from creditors trying to auction its assets to cash on pending debt.

☆ Venezuelan opposition to pay debts to law firms, leader says
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

CARACAS, Jan 9 (Reuters) - The president of Venezuela's opposition national assembly, Dinorah Figuera, said on Monday a new committee meant to manage the country's assets abroad will pay off debts to law firms in the United States. Venezuela owes some $20.7 million to U.S. law firms representing it in fights against creditors. The committee is a key part of recent moves by the opposition legislature, which appointed Figuera and two vice presidents last week after disbanding the interim government of Juan Guaido. The United States has so far protected Venezuela's state-owned oil refiner Citgo Petroleum from creditors, a protection the opposition hopes the United States will extend when it expires this month. In a statement on Monday, the U.S. Treasury Department renewed permission for U.S. citizens to engage in business with the opposition assembly and the boards it appoints.

☆ Venezuela owes over $20 mln to law firms on guarding overseas assets
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] PDVSA's U.S. unit Citgo Petroleum refinery is pictured in Sulphur, Louisiana, U.S., June 12, 2018. Some U.S. courts have granted creditors rights to negotiate the sale of Venezuelan assets abroad in order to collect debts, such as the Citgo refinery, the crown jewel of Venezuela's overseas assets, and a subsidiary of PDVSA. In the document, a report from the interim government's prosecution team, the lawyers say failure to pursue the lawsuits would risk losing the overseas assets. Opposition groups maintain that control of overseas assets is not at risk, despite last month's removal of the interim government, though they have not given details of what will happen with ongoing litigation. Reporting by Vivian Sequera and Mayela Armas; Writing by Sarah Morland Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Guaido in 2019 won the recognition of scores of nations including the United States after the widely disputed election that kept Nicolas Maduro in power. The removal of the interim government "ended up undermining attachments among opposition leadership," said Piero Trepiccione, of Caracas' Gumilla thinktank. The opposition, many of whose leaders are in exile or barred from politics, has not held a primary for a decade. The United States has said it will continue to recognize the opposition assembly. Changing the presidential election to this year instead of next may also serve Maduro, Nicholas Watson of consulting firm Teneo said in a report.

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