Venezuela Approves Oil Law Reform to Ease States Grip and Lure Private Investors

The refinery El Palito in Puerto Cabello, Carabobo state, Venezuela on Jan. 22, 2026. Ronaldo Schemidt/AFP via Getty ImagesVenezuela has approved a reform that opens the country’s oil sector to deeper collaboration with private companies, rolling back more than two decades of state dominance that became a hallmark of its socialist project.On Jan. 29, Venezuela’s National Assembly passed an amendment to the Hydrocarbons Law, the main framework regulating every aspect of the oil industry, from exploration and drilling to refining, transport, and sales.