Oil, Gold, and Banks: Latin America’s Wild Week in 60 Seconds

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Welcome to Latam Insights, where we sift through the week’s most bewildering Latin American news so you don’t have to. This week: Citgo rekindles its romance with Venezuelan crude, El Salvador goes on a gold shopping spree, and Nubank decides the U.S. needs another bank. Buckle up.

Citgo and Venezuela: A Reunion Tour No One Asked For

In a plot twist that even Netflix would reject, Citgo Petroleum has decided to dip its toes back into Venezuelan crude oil, a move as surprising as finding out your ex still has your sweatshirt. According to “sources familiar with the matter” (read: people who probably shouldn’t be talking), this is the first time in seven years Citgo has gone down this road. Why now? Well, it seems the U.S. has been making nice with Venezuela since Nicolás Maduro was dramatically captured by U.S. forces on January 3, 2026. Maduro, now a Brooklyn resident (albeit in a less desirable neighborhood), has pleaded not guilty to charges that include narco-terrorism and conspiracy to import cocaine. Because nothing says “international diplomacy” like a high-stakes drug bust.

El Salvador: The Gold Bug Strikes Again

Meanwhile, in El Salvador, the Central Bank has been on a gold bender, acquiring 9,298 troy ounces of the shiny stuff for a cool $50 million. This follows a previous purchase of 13,999 ounces in September, because apparently, El Salvador is building a Fort Knox of its own. With a total stash now at 67,403 ounces, valued at $360 million, one has to wonder: are they planning to open a jewelry store or just really into heavy paperweights? The bank insists gold is a solid reserve asset, making up 20% of global international reserves. Because nothing says “financial stability” like hoarding a metal that hasn’t been useful since the days of pirates.

Nubank: Because the U.S. Definitely Needs Another Bank

In other news, São Paulo-based Nubank, already a hit in Brazil, Colombia, and Mexico with over 127 million customers, has decided the U.S. market is the next logical step. The Office of the Comptroller of the Currency (OCC) has given them the green light to launch Nubank N.A., because apparently, the U.S. banking sector wasn’t crowded enough. Over the next 18 months, Nubank will be busy satisfying OCC requirements, which presumably include finding enough lobbyists and designing a logo that says, “We’re different, we swear.”

FAQ (Because You’re Probably Confused)

  • What did Citgo do that’s worth mentioning?
    Citgo bought Venezuelan crude oil for the first time in seven years, proving that old habits die hard-even in the oil industry.

  • How much gold did El Salvador buy this time?
    El Salvador added 9,298 troy ounces of gold to its collection, because why not? Total reserves now: 67,403 ounces. Someone get them a bigger safe.

  • What’s Nubank up to in the U.S.?
    Nubank got the go-ahead to launch a U.S. bank, because the world definitely needed another financial institution. Welcome to the party, Nubank N.A.!

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2026-02-01 15:57