Venezuela’s acting President Delcy Rodríguez has signed a law opening the country’s oil sector to privatisation, reversing a core pillar of the socialist economic model followed for more than two decades.
The move allows greater participation of private and foreign companies in oil exploration, production, and commercial operations, weakening the monopoly of the state-owned oil company PDVSA.
The reform is intended to attract investment and revive Venezuela’s struggling oil industry amid economic crisis and external pressures, signalling a pragmatic policy shift.
Overall, the decision marks a significant transition from resource nationalism towards market-oriented energy governance.
APSC Relevance:
Global energy politics, resource nationalism vs privatisation, Latin American political economy.
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