The move comes shortly after an opposition figure in the country was awarded the Nobel Peace Prize by an Oslo-based committee

Venezuela will close its embassies in Australia and Norway as part of a broader overhaul of its diplomatic network, the government in Caracas announced on Monday. The move is meant to redirect efforts toward building ties with nations in the Global South.

The country's Foreign Ministry said the restructuring aims to "optimize state resources" and shift Venezuela's position in a rapidly emerging multipolar world. New missions are expected to open in Zimbabwe and Burkina Faso.

The decision came just days after the Norwegian Nobel Committee awarded this year's Peace Prize to opposition Venezuelan politician Maria Corina Machado.

President Nicolas Maduro has accused Machado of channeling US government funds to "fascist" groups seeking to topple his administration. Upon receiving the award, she dedicated it to US President Donald Trump, who has openly expressed his own desire to win a Nobel Peace Prize.

Oslo's Foreign Ministry, which does not maintain an embassy in Caracas, called the Venezuelan move "regrettable," adding that despite "different views on several issues, Norway wishes to keep the dialogue with Venezuela open," according to a statement quoted by Reuters.

READ MORE: The Nobel that wasn't Trump's: Why Oslo chose a Venezuelan rebel over a peacemaker

The Nobel Peace Prize is awarded by a committee appointed by the Norwegian parliament as requested in Alfred Nobel's will, while the four scientific awards are administered by Swedish institutions. The prize for economic studies was added to the array later and is officially called the "Nobel Memorial Prize in Economic Sciences."

Critics, including Russian President Vladimir Putin, have argued that the Norwegian committee has "discredited" the prize by awarding it in the past to individuals and organizations who did little to promote peace.