Story perspectives

Venezuela's National Assembly Approves Oil Sector Privatization

2/1/2026

Summary

Story summary

The National Assembly of Venezuela approved a law on January 29, 2026 to privatize the oil sector, reversing decades of socialist policies and aiming to revitalize the industry.
Acting President Delcy Rodríguez proposed the overhaul to attract foreign investment, particularly from U.S. oil companies.
The law allows private firms to control oil production and sales.
It modifies extraction taxes.
Opposition lawmaker Antonio Ecarri called for transparency measures to combat corruption.

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Story summary

The National Assembly of Venezuela approved a law on January 29, 2026 to privatize the oil sector, reversing decades of socialist policies and aiming to revitalize the industry.
Acting President Delcy Rodríguez proposed the overhaul to attract foreign investment, particularly from U.S. oil companies.
The law allows private firms to control oil production and sales.
It modifies extraction taxes.
Opposition lawmaker Antonio Ecarri called for transparency measures to combat corruption.