APTOPIX Venezuela Oil

Venezuela’s acting President Delcy Rodríguez has signed a law that will open the nation’s oil sector to privatization. The move reverses a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades. Lawmakers in the country’s National Assembly approved the overhaul earlier in the day, less than a month after the brazen seizure of then-President Nicolás Maduro in a U.S. military attack in Venezuela’s capital. As the bill was being passed, the U.S. Treasury Department officially began to ease sanctions on Venezuelan oil that once crippled the industry. The moves by both governments are paving the way for yet another radical geopolitical and economic shift in Venezuela.