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.
223 Articles
223 Articles
Venezuela's acting president overhauls oil industry amid pressure from Trump administration
Venezuela's acting President Delcy Rodriguez signed a law overhauling the nation's oil sector, opening it to privatization. The move reverses a core policy of the socialist movement that has ruled the country for more than two decades.Rodriguez's policy shift, aimed at luring the foreign investors needed to rework the industry, comes less than one month after the U.S. captured former Venezuelan dictatorial leader Nicolás Maduro. The acting presi…
Venezuela's National Assembly Unanimously Approves Hydrocarbons Law Reform
The Venezuelan National Assembly has unanimously approved the partial reform of the Organic Law of Hydrocarbons. The discussion, held on Thursday, January 29, during the plenary session of the parliament, was chaired by the president of the National Assembly, Deputy Jorge Rodríguez. Participating in the debate were oil industry workers, PDVSA President Héctor Obregón, Minister of Economy and Finance Anabel Pereira, Sectoral Vice President of Eco…
Venezuela privatizes its oil industry – a change driven by Trump's drive to reshape energy policy.
Venezuela approves bill to open up oil sector to private firms as US eases sanctions
A bill that will end the monopoly of state-owned Petroleos de Venezuela SA in the oil sector has been passed by Venezuela's National Assembly, less than a month after the US captured Nicolas Maduro.
Tulsa World
Venezuela 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.
Coverage Details
Bias Distribution
- 55% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
