Summary
Venezuela's acting President Delcy Rodríguez signed a new law allowing private companies to take over parts of the country's oil industry. This change comes after the U.S. military detained Venezuela's former President Nicolás Maduro, and the U.S. began easing restrictions on Venezuelan oil. The new law is expected to encourage foreign investment in Venezuela's oil sector.
Key Facts
- Delcy Rodríguez is the acting President of Venezuela.
- A new law will allow privatization in Venezuela's oil industry.
- The U.S. military recently detained former President Nicolás Maduro.
- The U.S. Treasury is easing sanctions on Venezuelan oil, permitting more U.S. energy companies to operate there.
- The updated law allows for private company control over oil production and sales in Venezuela.
- The law changes taxes on oil extraction and lets the government set rates based on specific project needs.
- Foreign investors are now allowed to resolve disputes in independent courts rather than just Venezuelan ones.
- Some Venezuelan oil workers and lawmakers support the changes, expecting them to boost the economy.
