The acting president of Venezuela, Delcy Rodríguez (c), reacts alongside the president of the National Assembly of Venezuela (AN), the chavista Jorge Rodríguez (i) in Caracas (Venezuela). EFE/ Miguel Gutiérrez
This Thursday, the National Assembly of the Venezuelan regime approved a reform to the oil law that completely opens the industry to private enterprises, as the United States seeks to resume operations in the country following the arrest of Nicolás Maduro during a military operation.
“It is sanctioned for history, for the future, for our children, the Organic Law reforming the Organic Law of Hydrocarbons,” celebrated the president of the organization Jorge Rodríguez, brother of interim president Delcy Rodríguez, who now needs to sign it.
Opening of the oil sector to privatization after more than two decades of chavista control
The reform was proposed by the chavista leader, who took power after Maduro’s capture on January 3 during a U.S. operation that included bombings in Caracas and nearby regions.
The new law offers more guarantees to private entities, relinquishes state control over oil exploration, and reduces taxes.
The Caribbean country’s oil industry has been severely affected by years of disinvestment, corruption, and mismanagement under chavismo. It managed to produce 1.2 million barrels daily in 2025, a milestone compared to the 300,000 extracted in 2020, but still far from the 3 million reached at its historical peak in the early 2000s.
EFE