US EditionVenezuelan lawmakers approve easing state control of oil industry
The reform ends two decades of state dominance, granting private firms production control and arbitration rights, with a 30% royalty cap to entice foreign investors.
- 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.
163 Articles
163 Articles
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…
Venezuela's parliament has voted in favour of easing state control over the oil sector, allowing foreign investments to be made in the future, which is likely to be in the US's interest.
The Daily Caller
Conservative AngleVenezuela Opens Oil To Private Investors
Venezuela’s government moved Thursday to approve opening the country’s oil sector to private investors.
Venezuela's acting president signs overhaul easing state control of oil industry into law
Rodríguez proposed the changes in the days after U.S. President Donald Trump said his administration would take control of Venezuela's oil exports and revitalize the ailing industry by luring foreign investment.
Venezuela’s acting president signs overhaul easing state control of oil industry into law
Rodríguez proposed the changes in the days after U.S. President Donald Trump said his administration would take control of Venezuela’s oil exports and revitalize the ailing industry by luring foreign investment.
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