Venezuela's Acting President signed a law reforming the oil industry, reducing the state's role and allowing private companies to control oil production and sales, aiming to revive the economy and restore investor confidence amid political pressures.
On 29 Jan 2026 GMT+7, Delsi Rodriguez, Venezuela's Acting President, signed a law reforming the oil industry to permit private sector control over oil production and sales. This marks a major policy shift for the country, which has followed a state-controlled energy resource approach for over 20 years.
At the same time, the U.S. Treasury Department began easing some sanctions on Venezuelan oil and allowed U.S. energy companies to expand their business in the country, signaling that both sides are moving toward greater economic cooperation.
Earlier, Venezuela’s National Assembly approved this bill amid heightened political tensions following U.S. military actions affecting Venezuelan politics. The new law allows private companies to control oil production and sales and permits the use of independent arbitration to resolve investment disputes.
This development follows increased pressure from the U.S. government under President Donald Trump, including sanctions and naval operations that significantly reduced Venezuela’s oil exports over the past year.
Source: AP