Venezuela Opens Oil Sector to Private Investors, Paving Way for US Energy Majors

• Venezuelan lawmakers initially backed a bill to allow private companies to engage in independent oil exploration and extraction.
• This move could reverse decades of state control over Venezuela's oil sector, tightened under Hugo Chavez.
• Acting President Delcy Rodriguez, Maduro's former deputy, is promoting the bill and has overseen warming ties with Washington.
• US President Donald Trump praised Rodriguez's leadership and noted the US is already benefiting from Venezuelan oil.
• The reform aims to boost Venezuela's economy, which holds the world's largest proven oil reserves but has seen declining output.

Why It Matters: Venezuela is opening its oil sector to private investors, signaling a major policy shift and improved US relations.