Venezuela opens up oil industry to private investment, in line with US demands

South China Morning PostCenter-RightEN 1 min read 100% complete by Agence France-PresseJanuary 29, 2026 at 11:13 PM

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Venezuela's legislature passed a bill on Thursday opening its oil industry to private investment, relaxing decades of state control. The reforms to the hydrocarbons bill aim to attract foreign capital by making the royalties regime more flexible, as the industry struggles under years of US sanctions. Simultaneously, the US Treasury Department began easing sanctions on Venezuelan oil, expanding the ability of US energy companies to operate in the country. These actions by both governments signal a significant geopolitical and economic shift in Venezuela, potentially allowing the US to control Venezuelan oil sales. The moves follow demands made by the US after the removal of Nicolas Maduro from power.

Key Entities & Roles

Key Player Opposition Context

Delcy Rodriguez 60% US Treasury Department 60% Nicolás Maduro (Maduro) 70% Marco Rubio ×270% United States ×480% Venezuela ×490%

Keywords

oil industry 100% private investment 90% us sanctions 80% venezuela 70% hydrocarbons bill 60% royalties regime 50% economic shift 40% geopolitical shift 40%