US EditionVenezuelan lawmakers approve easing state control of oil industry
- On Thursday, Jan. 29, 2026, Venezuela's National Assembly approved opening the nation's oil sector to privatization as PDVSA workers rallied in Caracas.
- The change reverses a Chávez-era framework established two decades ago, as PDVSA's decline after price drops and mismanagement, plus U.S. sanctions, crippled Venezuela's oil industry.
- The draft changes key fiscal rules by capping royalties at 30% and creating an `integral` hydrocarbons tax up to 15%, while giving the Oil Ministry discretion to set project levies.
- The measure now awaits acting President Delcy Rodríguez's signature after her proposal following President Donald Trump's statements, and shortly after, the U.S. Treasury Department eased sanctions to reassure major U.S. oil companies.
- Backlash from allies and investor demands for independent arbitration followed Thursday's vote less than a month after the seizure of then-President Nicolás Maduro, highlighting foreign investors' concerns about safeguards.
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Under Pressure From Trump, Venezuela's Leader Signs Bill Opening Oil Industry to Privatization
Venezuelan scholars and a US watchdog group were among those expressing concern after Venezuela's government caved to pressure from President Donald Trump and signed a bill opening up the South American country's nationalized oil industry to privatization.
Managing Venezuelan President Delcy Rodríguez has signed the oil reform.
To Draw Investors, Venezuela Overhauls Its Oil Industry
Acting President Delcy Rodríguez on Thursday signed a law that will open Venezuela's oil sector to privatization, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades. Lawmakers in the National Assembly approved the overhaul of the energy industry earlier in the...
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US eases Venezuela sanctions after oil sector reforms
The United States on Thursday eased sanctions on Venezuela's oil industry, expanding the ability of US companies to operate in the country after the lifting of state controls on the sector.
Venezuela's parliament voted on Thursday in favor of a law that opens the previously largely nationalized oil industry to private investment.
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