Venezuela approves bill to open oil sector to foreign investment after US pressure

Source: The Guardian

Venezuela approves bill to open oil sector to foreign investment after US pressure

Law will give private companies more control but experts unsure whether changes go far enough for US

Tiago Rogero South America correspondent
Fri 30 Jan 2026 11.54 GMT
First published on Fri 30 Jan 2026 00.01 GMT

Venezuela’s acting president has signed into law a bill making significant changes to the country’s oil sector after pressure from the US to open it up to foreign private investment.

The new hydrocarbons law promises to give private companies control over oil production and sales, ease taxes and allow for independent arbitration of disputes, while largely maintaining state control over oil production.

Analysts remain cautious about the law’s practical application, arguing that the text lacks clarity and that the changes, while welcome, are insufficient to deliver the overhauls sought by the US as it attempts to revive Venezuela’s battered oil industry.

“We’re talking about the future. We are talking about the country that we are going to give to our children,” said Delcy Rodríguez, the acting president, who signed the law shortly after its approval by congress.

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Read more: https://www.theguardian.com/world/2026/jan/30/venezuela-approves-bill-to-open-oil-sector-to-foreign-investment-after-us-pressure