US EditionVenezuelan lawmakers approve easing state control of oil industry
The reform ends PDVSA's monopoly, sets a 30% royalty cap, and offers international arbitration to attract private and foreign investment amid years of decline and 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.
217 Articles
217 Articles
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.
Richmond Times-Dispatch
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.
The Venezuelan Parliament adopted this Friday a reform of the Hydrocarbon Act to attract foreign investment.
The reconstruction and privatisation of the Venezuelan oil industry is progressing. After the parliament in Caracas approved a reform on Thursday that allowed additional foreign investment in the energy sector, the US lifted sanctions against the oil sector. On Thursday, the US Treasury granted general approval for business with the government in Caracas and the state-owned oil company PDVSA. Permission includes transactions that are necessary f…
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