Summary
Venezuela's interim President Delcy Rodriguez has signed a law to allow more privatization in the national oil industry. This move comes as the U.S. eases sanctions on Venezuelan oil, aiming to encourage private investment. The reform allows foreign companies more control and seeks to make the Venezuelan oil sector more appealing to international businesses.
Key Facts
- Delcy Rodriguez is the interim President of Venezuela.
- Rodriguez signed a law to increase privatization in Venezuela's oil industry.
- The reform allows private companies more control over oil production and sales.
- It requires legal issues to be settled outside Venezuelan courts.
- The U.S., led by President Trump, has eased some sanctions on Venezuelan oil.
- The law limits government royalties on oil to 30 percent.
- U.S. sanctions initially imposed in 2019 restricted Venezuela's oil market.
- Former Venezuelan leader Nicolas Maduro is in custody, awaiting trial in the U.S.
