Venezuela's acting president signs oil industry overhaul, easing state control to lure investors

Venezuelas government 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 government 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. Acting President Delcy Rodriguez then signed the reform into law shortly after before large group of state oil workers and government supporters. As the bill was being passed, the Treasury Department officially began to ease sanctions on Venezuelan oil that once crippled the industry, and expanded the ability of US energy companies to operate in the South American nation, the first step in plans outlined by Secretary of State Marco Rubio the day before. The moves by both governments on Thursday are paving the way for yet another radical geopolitical and economic shift in Venezuela.

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