Venezuela approves bill to open oil sector to foreign investment after US pressure

"Venezuela's congress has approved a bill making significant changes to the country's oil sector after pressure from the US to open it up to foreign private investment. The new hydrocarbons law promises to give private companies control over oil production and sales, ease taxes and allow for independent arbitration of disputes, while largely maintaining state control over oil production. Analysts remain cautious about the law's practical application,"

"the country that we are going to give to our children, said Delcy Rodriguez, the acting president, who is expected to give her final approval to the bill imminently. The congressional leader, Jorge Rodriguez who is the acting president's brother celebrated the law's approval. I congratulate the people of Venezuela. Only good things will come after the suffering. These are the good things, for everyone, that we must build together, regardless of how we each conceive the prosperity of our republic, he said."

"Since the US president, while ramping up pressure on the dictator Nicolas Maduro, declared Venezuela's airspace closed in its entirety, at least eight international airlines have suspended operations in the South American country. Trump said big US oil companies were already on the ground in Venezuela carrying out site assessments for potential operations. He said they are scouting it out and picking their locations, and they'll be bringing back tremendous wealth for Venezuela and for the United States."

Venezuela's congress approved a hydrocarbons law altering the oil sector to allow increased private participation while retaining state production control. The law grants private companies authority over production and sales, lowers taxes, and permits independent dispute arbitration. Analysts warn the law is unclear and may not deliver the extensive reforms sought by the United States to revive the oil industry. Acting president Delcy Rodriguez endorsed the measure and is expected to approve it. Congressional leader Jorge Rodriguez celebrated the law. US President Donald Trump discussed opening airspace, reported US oil firms conducting site assessments, and the administration eased certain sanctions.

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