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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123 Articles
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.
The Chavismo-controlled National Assembly has approved the reform of the hydrocarbon law and opened the oil sector to privatization.The debate of the law has been rapid, as the United States has demanded, who after the military attacks of January 3 on Venezuelan territory and the capture of Nicolás Maduro and Cilia Flores, has re-established almost fully the trade relations with the South American country that was previously considered a focus o…
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.
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