Venezuela Opens Oil Industry to Private Investment After Maduro's Ouster

• Venezuela's legislature passed a bill allowing greater private investment in its oil industry, aligning with US demands post-Maduro.
• The reforms loosen decades of strict state control over foreign investment in the hydrocarbons sector.
• The new legislation permits private companies to independently explore, extract, and commercialize oil without mandatory joint ventures with state-owned PDVSA.
• The bill also introduces a more flexible royalties regime to attract private capital, as the industry suffers from US sanctions.
• This move paves the way for US oil majors to return, following the US-backed change in leadership and ongoing US oil embargo.

Why It Matters: Venezuela liberalizes its oil sector for private investment, signaling a major shift in energy policy.