Caracas, Venezuela – In a move that marks a radical break with decades of socialist policies, Venezuela’s interim president, Delcy Rodríguez, signed a law on Thursday opening the country’s oil sector to privatization. This decision effectively ends one of the core principles of the Bolivarian Revolution, which has governed the country for over two decades.
Details of the legislative decision
Rodríguez signed the new law before a crowd of state-owned oil workers and government supporters, immediately after the National Assembly approved the energy industry reform earlier that day.
These rapid developments come less than a month after the daring US military operation in Caracas that resulted in the capture of former President Nicolás Maduro.
Coordination with Washington and easing of sanctions
Coinciding with the passage of the law in Caracas, the US Treasury Department officially began the process of easing sanctions on Venezuelan oil. These sanctions had previously brought the industry to a near standstill.
Expanding Operations: US energy companies will now be able to expand their operations within Venezuela.
Diplomatic Roadmap: This move follows up on plans announced by US Secretary of State Marco Rubio just one day earlier.
Dimensions of a serious transformation
These joint moves by the Venezuelan and US governments represent the beginning of a comprehensive geopolitical and economic shift in the region. The interim administration seeks to attract foreign investment to rescue the collapsing economy. Meanwhile, Washington aims to secure stable energy supplies in the changing international landscape.
