Caracas says it is opening up the sector to private players.
It all started with a direct US attack on Venezuela earlier this month.
Back then, US President Donald Trump made it clear that he was only interested in the country’s substantial oil reserves.
On Thursday, the government in Caracas announced a massive overhaul of the petroleum sector.
Venezuela’s interim president has signed a law easing state control and opening the door for private firms to invest in the country.
For many, it paves the way for US oil giants to return to Venezuela with significant investments.
But who will stand to gain from the changes, Venezuela or the United States? Or both?
Presenter: Adrian Finighan
Guests
Elias Ferrer – founder and director of Orinoco Research
Andrew Lipow – president of Lipow Oil Associates
Phil Gunson – senior analyst at the International Crisis Group
Published On 31 Jan 2026
