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Venezuela Advances Oil Reform Amid U.S. Tensions

1/24/2026

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Summary

Story summary

Venezuela's parliament has advanced a proposal to reform the Hydrocarbons Law to reduce state control over oil and encourage investment.
This move follows the abduction of former President Nicolas Maduro by the United States.
Critics say the proposal lacks clarity and does not break from the legacy of former President Hugo Chavez.
Oil revenues are expected to rise significantly this year as energy cooperation with the United States has begun.

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Story summary

Venezuela's parliament has advanced a proposal to reform the Hydrocarbons Law to reduce state control over oil and encourage investment.
This move follows the abduction of former President Nicolas Maduro by the United States.
Critics say the proposal lacks clarity and does not break from the legacy of former President Hugo Chavez.
Oil revenues are expected to rise significantly this year as energy cooperation with the United States has begun.