Venezuela Liberalizes Oil Sector, Boosting US Ties and Trump's Influence
World
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Moneycontrol•23-01-2026, 01:23
Venezuela Liberalizes Oil Sector, Boosting US Ties and Trump's Influence
- •Venezuelan lawmakers are debating a bill to open the oil sector to private investors, ending decades of state control.
- •The move follows the ouster of Nicolas Maduro and is promoted by acting leader Delcy Rodriguez, signaling a rapid thaw in US-Venezuela relations.
- •The US has appointed Laura F. Dogu as charge d'affaires to Venezuela, a step towards restoring full diplomatic ties severed in 2019.
- •The new legislation allows private companies to independently engage in oil exploration and extraction, removing the requirement for joint ventures with state-owned PDVSA.
- •Rodriguez has already used $300 million from a US-brokered oil sale to stabilize the bolivar and released political prisoners to gain support.
Why It Matters: Venezuela is liberalizing its oil sector and rapidly improving ties with the US after Maduro's ouster.
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