Venezuelan lawmakers approve easing state control of oil industry

Venezuelas legislature on Thursday approved opening the nations oil sector to privatisation, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades. The National Assembly approved the overhaul of the energy industry law less than a month after the brazen seizure of then-President Nicolas Maduro in a US military attack in Venezuelas capital.

Venezuela's legislature on Thursday approved opening the nation's oil sector to privatisation, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades. The National Assembly approved the overhaul of the energy industry law less than a month after the brazen seizure of then-President Nicolas Maduro in a US military attack in Venezuela's capital. The bill now awaits the signature of acting President Delcy Rodriguez, who proposed the changes in the days after US President Donald Trump said his administration would take control of the Venezuela's oil exports and revitalise the ailing industry by luring foreign investment.

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