Venezuelan lawmakers have approved a sweeping reform that opens the country’s oil industry to greater foreign participation, a move widely seen as an effort by Caracas to meet the demands of US President Donald Trump.

 

 

 

The new law, backed by acting President Delcy Rodríguez, loosens state control over the sector and allows foreign companies to manage oilfields at their own risk and expense. Until now, Venezuela’s oil industry has been largely dominated by the state-owned firm Petróleos de Venezuela (PDVSA).

 

 

 

Since the US captured President Nicolás Maduro at the beginning of January, Washington has repeatedly made clear its desire for American companies to invest in Venezuela’s vast oil sector. Venezuela holds the largest proven oil reserves in the world, and Rodríguez said the reform would help the country maximise profits from those resources.

 

 

 

Addressing supporters at an event celebrating the approval of the law, Rodríguez described the reform as a historic step that would transform the country’s oil wealth into prosperity for Venezuelans, whom she called the rightful owners of the nation’s resources.

 

 

 

National Assembly leader Jorge Rodríguez, the acting president’s brother, echoed her remarks, saying the law would boost energy production, unlock undeveloped oilfields and translate increased output into improved well-being for the population.

 

 

 

The National Assembly unanimously approved the reform in a second reading. The legislation still requires formal signing and publication before it comes into effect.

 

 

 

The move comes amid growing US interest in Venezuela’s energy assets. Earlier this month, sources indicated that the Trump administration was considering the use of private military contractors to protect oil and energy infrastructure in the country. Despite this, some oil executives remain cautious. The chief executive of Exxon Mobil has described Venezuela as “uninvestible” in its current condition.

 

 

 

The law’s approval coincided with a partial easing of US sanctions on Venezuela’s oil industry. The US Treasury issued a general license allowing American companies to engage in certain oil-related activities with the Venezuelan government, including the export, sale, storage and transportation of crude.

 

 

 

This marked another step in the gradual relaxation of restrictions since Venezuela’s acting government signaled a willingness to cooperate with Washington. On the same day, President Trump announced that the US would be “opening up” commercial airspace above Venezuela, following earlier warnings that had discouraged airlines from operating in the country’s skies.

 

 

 

Trump said American citizens would soon be able to travel to Venezuela safely, citing what he described as strong control over the situation. Jorge Rodríguez attributed the development to his sister’s diplomatic efforts, describing it as a positive outcome of what he called peace-driven diplomacy by the presidency.