Venezuela's New Era of Oil: Legal Reforms on the Horizon

Venezuela's interim President Delcy Rodriguez aims to reform the hydrocarbon law, attracting U.S. investors to Venezuela's oil industry. Amid political shifts after President Maduro's U.S. ouster, Rodriguez advocates for diplomacy and plans new politics. Legal reforms could ease foreign investments, important for the country's oil-dependent economy.

Venezuela's interim President Delcy Rodriguez announced a proposal on Thursday to reform the country's hydrocarbon law, aimed at attracting U.S. investors to its oil industry. The proposed reforms are intended to facilitate investment flows into untapped fields and improve infrastructure, with oil revenues supporting workers and public services.

The move comes as the U.S. reports earnings of $500 million from oil sales, held in U.S.-controlled accounts, following a deal with Caracas. With a $100 billion reconstruction plan targeting Venezuela's underutilized oil reserves, U.S. investors emphasize the urgent need for legal changes to stimulate foreign investment.

Rodriguez, addressing lawmakers, succeeded interim presidency following the U.S.'s capture of Nicolas Maduro. Expressing a willingness for improved U.S. relations, Rodriguez outlined a vision for Venezuela's future politics. Meanwhile, opposition leader Maria Corina Machado's engagements with President Trump underline the ongoing political tensions.

(With inputs from agencies.)