Venezuela Opens Oil Sector in Major Policy Shift

The National Assembly approved the reform on Thursday, and Rodríguez signed it into law shortly afterward during a public event attended by oil workers and ruling-party supporters. The legislation reduces the state’s dominance over oil operations and allows greater participation by international energy companies.

U.S. Sanctions Begin to Ease

The reform coincided with a decision by the U.S. Treasury Department to ease sanctions on Venezuela’s oil sector. The move expands the ability of U.S. energy companies to operate in the country and signals a shift in Washington’s approach toward Caracas.

High-Level Talks With Washington

Rodríguez also held discussions with U.S. President Donald Trump and Secretary of State Marco Rubio, who recently told U.S. lawmakers that the administration plans to oversee Venezuelan oil sales and monitor how revenues are used. Venezuela holds the world’s largest proven crude reserves.

A Reform Framed as a Long-Term Choice

Addressing supporters, Rodríguez described the oil reform as a decision about Venezuela’s future and the legacy left to coming generations. She first proposed the changes earlier this month, following statements by Trump that his administration would seek to revitalize Venezuela’s oil industry by attracting foreign investment.