Venezuela Opens Oil Sector to Private Investors, Paving Way for US Energy Majors
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Firstpost•23-01-2026, 06:41
Venezuela Opens Oil Sector to Private Investors, Paving Way for US Energy Majors
- •Venezuelan lawmakers initially backed a bill to allow private companies to engage in independent oil exploration and extraction.
- •This move could reverse decades of state control over Venezuela's oil sector, tightened under Hugo Chavez.
- •Acting President Delcy Rodriguez, Maduro's former deputy, is promoting the bill and has overseen warming ties with Washington.
- •US President Donald Trump praised Rodriguez's leadership and noted the US is already benefiting from Venezuelan oil.
- •The reform aims to boost Venezuela's economy, which holds the world's largest proven oil reserves but has seen declining output.
Why It Matters: Venezuela is opening its oil sector to private investors, signaling a major policy shift and improved US relations.
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