Reversal: Delcy Rodríguez privatizes oil sector

Acting President Delcy Rodríguez signed into law an overhaul that opens Venezuela’s oil sector to privatization. The measure ends state oil company PDVSA’s monopoly over production, sales, and pricing, giving private firms control of operations once their plans are approved by the Oil Ministry. Subsurface oil reservoirs remain state property.

The law permits independent arbitration of disputes instead of confining them to Venezuelan courts. It also rewrites extraction taxes, capping royalties at 30% and allowing the executive branch to set project‑by‑project rates based on investment needs and competitiveness.

The National Assembly approved the bill less than two hours before Rodríguez signed it in front of oil workers and ruling‑party supporters. The U.S. Treasury at the same time began easing oil sanctions and expanded what U.S. energy companies can do in Venezuela. Rodríguez also spoke with President Donald Trump and Secretary of State Marco Rubio, who a day earlier outlined to senators plans to sell tens of millions of barrels of Venezuelan crude and control where the money goes.

AI-synthesized from multiple reported sources