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

January 29, 2026

Venezuela’s government on Thursday approved opening the nation’s oil sector to privatization, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades. Acting President Delcy Rodríguez then signed the reform into law shortly after before a large group of state oil workers and government supporters.

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