Venezuela’s interim president reforms oil law.

Venezuela’s parliament has approved a proposal to reform the Hydrocarbons Law, loosening state control over the oil industry and allowing for increased private sector involvement, in response to recent events involving former President Nicolas Maduro and the US. The reform includes provisions for direct commercialization by private companies, flexibility in royalty payments, and legal safeguards for dispute resolution. Critics argue that the proposal lacks clarity on private participation and falls short of fully opening the industry to foreign investors, despite introducing elements to attract new capital.

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