January 22, 2026
Venezuela opens debate on an oil sector overhaul as Trump seeks role for U.S. firms
Venezuela's legislature opened debate Thursday on a bill to loosen state control over the country's vast oil sector in the first major overhaul since the late socialist leader Hugo Chavez nationalized parts of the industry in 2007.
TL;DR
- Venezuela's legislature is debating a bill to loosen state control over the oil sector.
- This is the first major overhaul of the oil industry since Hugo Chavez nationalized parts of it in 2007.
- The bill seeks to reduce state dominance in Venezuela's vast oil sector.
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