Venezuela's legislature has approved opening the nation's oil sector to privatization. This decision reverses a key principle of the socialist movement that has ruled for over two decades. The National Assembly approved the energy industry law overhaul on Thursday. This move comes less than a month after the U.S.
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Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. Venezuela’s acting President Delcy Rodriguez delivers her first state of the union address at the National Assembly in Caracas, Venezuela, Thursday, Jan. 15, 2026. Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. Venezuela’s acting President Delcy Rodriguez delivers her first state of the union address at the National Assembly in Caracas, Venezuela, Thursday, Jan. 15, 2026. Venezuela’s acting President Delcy Rodriguez delivers her first state of the union address at the National Assembly in Caracas, Venezuela, Thursday, Jan. 15, 2026. to privatization, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades.The legislation, a draft of which has been seen by The Associated Press, promises to give private companies control over the production and sale of oil and allow for independent arbitration of disputes.that have so far hesitated about returning to the volatile country. Some of those companies lost investments when the ruling party enacted the existing law two decades ago to favor Venezuela’s state-run oil company, Petróleos de Venezuela SA, or PDVSA. The revised law would modify extraction taxes, setting a royalty cap rate of 30% and allowing the executive branch to set percentages for every project based on capital investment needs, competitiveness and other factors.by the ruling party. Foreign investors have long viewed the involvement of independent courts as crucial to guard against future expropriation. Ruling-party lawmaker Orlando Camacho, head of the assembly’s oil committee, said the reform “will change the country’s economy.” Opposition lawmaker Antonio Ecarri urged the assembly to add transparency and accountability provisions to the law, including the creation of a website to make funding and other information public. He noted that the current lack of oversight has led to systemic corruption and argued that these provisions can also be considered judicial guarantees. Those guarantees are among the key changes foreign investors are looking for as they weigh entering the Venezuelan market.socialist-inspired revolution. In the early years of his tenure, a massive windfall in petrodollars thanks to record-high global oil prices turned PDVSA into the main source of government revenue and the backbone of Venezuela’s economy. Chávez’s 2006 changes to the hydrocarbons law required PDVSA to be the principal stakeholder in all major oil projects.huge assets belonging to American and other Western firms that refused to comply, including ExxonMobil and ConocoPhillips. They are still waiting to receive billions of dollars in arbitration awards.— along with the country’s — as oil prices dropped and government mismanagement eroded profits and hurt production, first under Chávez, then Maduro.
Venezuela Donald Trump Venezuela Government Energy Industry General News Latin America Send To Apple News Central America South America International Trade Politics Hugo Chvez Socialism U.S.-Venezuela Conflict Orlando Camacho Conocophillips World News Business Antonio Ecarri Exxon Mobil Corp.
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