National Assembly

The National Assembly is the legislative body of Venezuela. It is currently newsworthy due to its recent approval of a law that significantly alters the country's oil industry. Under the leadership of acting President Delcy Rodriguez, the Assembly passed legislation to ease state control and increase privatization in the oil sector. This move is a direct response to pressure from the United States, specifically the Trump administration, which has been advocating for greater foreign access to Venezuela's oil reserves. The Assembly's action is significant because it represents a major shift in Venezuela's economic policy and could potentially attract foreign investment. This development coincides with the US easing sanctions on Venezuela, further highlighting the changing dynamics between the two countries. The reforms aim to revitalize Venezuela's struggling oil industry.