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Maroc Maroc - WN.COM - Americas - 01/Feb 23:55

Venezuela Opens Oil Sector as Washington Tightens Grip

Posted by Joshua Scher Venezuela’s National Assembly has approved a sweeping overhaul of the country’s hydrocarbon law, dramatically rolling back state control over the oil industry while the Trump administration simultaneously moved to loosen selected sanctions on Caracas. The reform, fast-tracked through the legislature and signed into law by Acting President Delcy Rodríguez, dismantles key pillars of the Chávez-era energy model that asserted state primacy over oil production. Under the new framework, private and foreign corporations gain far greater autonomy over extraction, operations, and sales, with royalties capped at 30 percent and a new executive-controlled “integrated hydrocarbon...

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