US EditionVenezuelan lawmakers approve easing state control of oil industry
New law reduces state control, sets a 30% royalty cap, and allows private companies control over production and sales to revive Venezuela’s oil sector, officials said.
- 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.
198 Articles
198 Articles
Richmond Times-Dispatch
News & RecordVenezuela approves opening up oil industry
CARACAS, Venezuela — Venezuela's legislature approved opening the nation's oil sector to privatization Thursday, reversing a tenet of the self-proclaimed socialist movement that ruled the country for more than 20 years.
The Venezuelan Parliament adopted this Friday a reform of the Hydrocarbon Act to attract foreign investment.
The reconstruction and privatisation of the Venezuelan oil industry is progressing. After the parliament in Caracas approved a reform on Thursday that allowed additional foreign investment in the energy sector, the US lifted sanctions against the oil sector. On Thursday, the US Treasury granted general approval for business with the government in Caracas and the state-owned oil company PDVSA. Permission includes transactions that are necessary f…
Venezuela's acting president signs law privatising state-owned oil sector
Caracas (Venezuela): Venezuela’s acting president Delcy Rodríguez on Thursday, January 29, signed a law that opens the nation’s oil sector to privatisation, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades. The reform will undoubtedly be her government’s signature policy as it positions the oil sector – Venezuela’s engine – to lure the foreign investment needed to revamp a long-crip…
Venezuela on Thursday passed a law to privatize its oil sector, which promises private companies control over oil production and sales and allows independent dispute resolution, the AP reported, reversing a tenet of the country's self-proclaimed socialist movement that has ruled the country for more than two decades. Acting President Delcy Rodríguez signed the bill into law shortly after it was approved by parliament. The United States subsequen…
Venezuelan oil sector: The sweeping reform follows the kidnapping of President Nicolás Maduro by US troops in early January. Due to the…
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