Venezuelan lawmakers approve easing state control of oil industry

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...

Venezuelan lawmakers vote to ease state grip on oil

The National Assembly approved the overhaul of the energy industry law less than a month after the US seizure of then-president Nicolás Maduro.

Venezuelan Lawmakers Approve Sweeping Overhaul of Oil Sector

Venezuela’s National Assembly on Thursday approved a sweeping overhaul of legislation governing the oil industry, granting foreign oil companies greater control over operations and potentially slashing the royalties they pay to the government. The move showcases how, experts say, the Trump administration has returned to an era of gunboat diplomacy, in which the United States has wielded its military superiority to coerce Latin American nations i…

Venezuela opens up oil industry to private investment, in line with US demands

Lawmakers adopted a legislation that rolls back decades of tight state control over the sector, paving the way for the return of US firms.