Venezuela opens up oil sector: what now?

Caracas: In one fell swoop, decades of oil sector nationalization ended in Venezuela this week, as the global leader in known reserves opened up to pr...

Caracas: In one fell swoop, decades of oil sector nationalization ended in Venezuela this week, as the global leader in known reserves opened up to private firms while seeking Washington's benediction.

Parliament on Thursday approved a reform of Venezuela's Hydrocarbons Law, tightened under socialist ex-leader Hugo Chavez in 2006 to entrench state control over a resource Venezuela has more of than any other country on Earth.

The move was immediately reciprocated by the US Treasury loosening an embargo in place since 2019 on Venezuelan crude.

How things stand:

Lower taxes, royalties