Summary
Venezuela's National Assembly approved changes to its oil laws, allowing private companies to control oil production and sales. This shift comes after U.S. President Donald Trump intervened, leading to the capture of former President Nicolás Maduro. The reforms aim to attract foreign investment and revive the country's oil industry.
Key Facts
- Venezuela's legislature approved changes to allow privatization of the oil industry.
- The reforms move away from socialist policies established under Hugo Chávez.
- U.S. President Donald Trump's intervention included a military operation capturing Nicolás Maduro.
- The law encourages foreign investment by allowing private company control and independent arbitration.
- Changes were proposed by acting President Delcy Rodríguez and passed by the National Assembly.
- Opposition lawmakers support the opening but want transparency measures.
- U.S. oil companies had concerns due to past nationalizations.
- The updates include royalty caps and adjustable tax rates to attract investments.
