Venezuelan Lawmakers approve new law opening Oil Industry to Foreign companies
Venezuelan lawmakers have approved a sweeping reform that opens the country’s oil industry to greater foreign participation, a move widely seen as an effort by Caracas to meet the demands of US President Donald Trump.
The new law, backed by acting President Delcy Rodríguez, loosens state control over the sector and allows foreign companies to manage oilfields at their own risk and expense. Until now, Venezuela’s oil industry has been largely dominated by the state-owned firm Petróleos de Venezuela (PDVSA).
Since the US captured President Nicolás Maduro at the beginning of January, Washington has repeatedly made clear its desire for American companies to invest in Venezuela’s vast oil sector. Venezuela holds the largest proven oil reserves in the world, and Rodríguez said the re...










