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Venezuela Privatizes Oil Sector to Attract U.S. Investment

1/30/2026

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Summary

Story summary

Delcy Rodríguez, acting President of Venezuela, signed a law on January 29, 2026 to privatize the oil sector.
The National Assembly approved the reform, allowing private companies to control oil production and sales.
The change aims to attract foreign investment, particularly from U.S. companies, as the U.S. Treasury eased sanctions on Venezuelan oil.
Venezuela has faced a severe economic crisis, with over 7 million citizens fleeing since 2014.

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Story summary

Delcy Rodríguez, acting President of Venezuela, signed a law on January 29, 2026 to privatize the oil sector.
The National Assembly approved the reform, allowing private companies to control oil production and sales.
The change aims to attract foreign investment, particularly from U.S. companies, as the U.S. Treasury eased sanctions on Venezuelan oil.
Venezuela has faced a severe economic crisis, with over 7 million citizens fleeing since 2014.