The reform, backed by acting President Delcy Rodríguez, will open up the Venezuelan oil industry, at present largely controlled by state-owned company Petróleos de Venezuela (PDVSA), and allow foreign companies to manage oilfields at their own risk and cost.
Since the US captured Rodríguez’s predecessor, President Nicolás Maduro, at the beginning of January it has repeatedly made clear it wants American companies to invest in Venezuela’s oil industry.
Venezuela has more proven oil reserves than any nation on the planet. The new law could help the country maximize its profits from them, Rodríguez said Thursday night.
“This law allows us to make a true historic qualitative leap to turn those oil reserves, the largest on the planet, into the greatest happiness a people can have, with the Venezuelan people as the rightful owners of that happiness,” she told a crowd at an event celebrating the move.
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[Venezuelan lawmakers have approved a law change](https://www.cnn.com/2026/01/29/americas/venezuela-oil-reform-approved-latam-intl?utm_medium=social&utm_campaign=missions&utm_source=reddit) that will make it easier for foreign companies to take part in the country’s oil industry, in a move by Caracas to meet the demands of US President Donald Trump.
The reform, backed by acting President Delcy Rodríguez, will open up the Venezuelan oil industry, at present largely controlled by state-owned company Petróleos de Venezuela (PDVSA), and allow foreign companies to manage oilfields at their own risk and cost.
Since the US captured Rodríguez’s predecessor, President Nicolás Maduro, at the beginning of January it has repeatedly made clear it wants American companies to invest in Venezuela’s oil industry.
Venezuela has more proven oil reserves than any nation on the planet. The new law could help the country maximize its profits from them, Rodríguez said Thursday night.
“This law allows us to make a true historic qualitative leap to turn those oil reserves, the largest on the planet, into the greatest happiness a people can have, with the Venezuelan people as the rightful owners of that happiness,” she told a crowd at an event celebrating the move.
Oil prices [need to be $80-90](https://www.ft.com/content/40a5e701-b5f2-4a1d-836d-3d1a248d4455) for the type of oil Venezuela has to break-even without profit. It’s ~$65 today.