US EditionVenezuelan lawmakers approve easing state control of oil industry
The reform permits private firms to control oil production and sales with royalty caps at 30%, aiming to revive Venezuela's oil sector amid easing U.S. sanctions.
- 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.
247 Articles
247 Articles
How two big changes make Venezuelan oil more open to US investors
Less than a month after the capture of Nicolás Maduro, legal changes are making Venezuela’s oil patch more favorable to United States investment. On Thursday, Venezuela’s National Assembly voted to lower royalties and offer more control to foreign companies, and the Trump administration eased sanctions that prevented most U.S. companies from transacting with Venezuela. Opening Venezuela's estimated 300-billion-barrel oil reserves is a top prior…
Venezuela has adopted a reform that breaks with decades of state control. As a result, the United States has announced a partial lifting of the sanctions against the public company PDVSA.
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…
News 4 San Antonio
Venezuela loosens oil laws as Trump tries to get US companies to invest
Venezuela approved a new law opening the nation’s oil sector to private companies again, giving foreign companies more control over operations.
Venezuela privatizes its oil industry – a change driven by Trump's drive to reshape energy policy.
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