Venezuela Approves Initial Vote on Oil Law Reform
Venezuela's National Assembly approved an initial vote on a hydrocarbons law reform, allowing foreign firms to operate oilfields. The reform follows a U.S. oil deal.
Insights:
Venezuela's interim President, Delcy Rodriguez delcy rodriguez, has successfully advanced a significant reform of the country's hydrocarbons law through an initial vote in the National Assembly on January 22, 2026. This reform marks a dramatic shift from the nationalization policies implemented by former President Hugo Chavez hugo chavezover two decades ago.
The proposed changes would enable both foreign and local companies to independently operate oilfields and commercialize their output as minority partners of the state oil company, PDVSA. This move is part of a broader strategy to attract investment and is tied to a recent 50-million-barrel oil supply agreement between Venezuela 
VEand the United States 
US, following the U.S. capture of President Nicolas Maduro nicolas maduro.
VEand the United States US, following the U.S. capture of President Nicolas Maduro nicolas maduro.
