Venezuela reforms its socialist oil policies, and production soars with Trump’s help

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"The South American country appeared to take another big step in that effort this week when acting President Delcy Rodriguez signed regulations reforming Venezuela's main oil law. 

Under the new regulations, the country’s national oil company, Petróleos de Venezuela SA (PDVSA), effectively loses control of Venezuela’s vast oil resources. 

Under the former communist regime, the country’s oil industry floundered. In May 2021, Venezuela was producing less than 600,000 barrels of oil a day, despite having the world’s largest oil reserves. This past May, it was producing nearly 1.2 million barrels of oil per day. 

Venezuela nationalized its oil industry in the 1970s. Then in 2007, former President Hugo Chávez forced foreign oil companies to surrender majority stakes to the state, which resulted in the departure of ExxonMobil and ConocoPhillips. Of the big players, only Chevron acquiesced to the communist leader’s demands.  ..."

Venezuela reforms its socialist oil policies, and production soars with Trump’s help | Just The News "Venezuela’s acting president, Delcy Rodriguez, this week signed regulations reforming the country’s main oil law, and American oil companies are looking to invest."