JPA Pulse — Latin America: Venezuela & Colombia | May 2026

• Region: LATAM: Venezuela & Colombia

• Category: Strategic Intelligence

• Published: May 2026

Venezuela's political economy remains structurally unstable despite partial oil sector reactivation under selective sanctions relief. The coexistence of parallel governance structures, dollarised informal markets and contested institutional legitimacy creates an operating environment where corporate exposure is determined less by formal regulatory frameworks than by factional control over resource infrastructure. Decisions regarding asset protection, counterparty risk and contractual enforceability must be assessed against this political architecture rather than against standard sovereign risk indicators.

Colombia presents a divergent but equally complex trajectory. The Petro administration's energy transition agenda is producing regulatory friction across the upstream hydrocarbon sector, with licensing restrictions and fiscal renegotiation creating material uncertainty for operators and investors. Simultaneously, the security environment in border regions and coca-producing corridors continues to affect infrastructure continuity and supply chain integrity for corporations with operational presence outside major urban centres.

For boards and investment committees, the analytical priority across this corridor is not macroeconomic stabilisation but institutional trajectory — how political decisions in Caracas and Bogotá will condition market access, regulatory exposure and operational continuity over the next 12–18 months. JPA Pulse Latin America tracks the structural geopolitical and geoeconomic conditions shaping board and investment decisions across Venezuela, Colombia and the broader Andean basin.

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