Venezuela’s Rodriguez signs oil reform law while the US eases sanctions

In January 2026, Venezuela's interim President Delcy Rodriguez signed a law reforming the country's oil sector, allowing for increased privatization. The reform, passed by the National Assembly, aims to give private firms more control over oil production and sales, and requires legal disputes to be resolved outside Venezuelan courts. The move fulfills a key demand from the United States, following the abduction of former leader Nicolas Maduro earlier in January. The Trump administration has pressured Rodriguez to open Venezuela's oil sector to foreign investment, even threatening consequences for non-compliance. Rodriguez hailed the reform as a positive step for Venezuela's economy.

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