Venezuela approves bill to open oil sector to foreign investment after US pressure
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Venezuela's congress approved a bill to open its oil sector to foreign investment following pressure from the US. The new law aims to give private companies more control over oil production and sales through tax breaks and independent arbitration, while the state maintains overall control. The US has eased some sanctions and Donald Trump stated that US oil companies are already assessing potential operations in Venezuela. The US Treasury issued a general license authorizing transactions involving the Venezuelan regime and the state-owned oil company. The US has taken control of Venezuela’s oil exports and revenues, which the White House intends to retain indefinitely.
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This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).
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