The move is expected to boost oil production and attract foreign investment, with the US easing sanctions on Venezuela's oil sector, as reported by The New York Times. In a major overhaul, Venezuela has approved a law allowing foreign companies to participate in its oil industry, meeting US demands. The move is expected to boost oil production and attract foreign investment, with the US easing sanctions on Venezuela's oil sector, as reported by The New York Times. Venezuela's oil reforms open door for foreign firmsWith major oil reserves of any nation, the new law further helps Venezuela maximise its profits from foreign investment, said acting President Delcy Rodríguez on Thursday night. While the legislation aims to attract foreign investment and revive production, critics warned of long-term consequences.

Source: dna January 30, 2026 02:15 UTC