Venezuela expects investments in oil to rise by 55% this year
I expected Acting President of Venezuela Delcy Rodriguez Investments in the Oil by 55% in 2026, thanks to planned reforms in this sector, which aim to attract foreign investors.
Rodriguez, who succeeded Nicolas Maduro after his arrest by the United States on January 3, said: "Last year, investments amounted to approximately $900 million, while investment agreements worth $1.4 billion were signed this year."
She added during a public consultation session on the reforms: "We must move from being a country with the largest oil reserves on the planet to a productive giant"
Mismanagement and corruption in Venezuela
Many analysts believe that the law promised by the acting president was drafted under pressure from the United States, which did not hide its interest. For Venezuela.
Years of mismanagement and corruption in Venezuela led to its oil production falling from 3 million barrels per day in the early 2000s, to a historically low level of 350,000 barrels per day in 2020.
Production has since rebounded to about 1.2 million barrels per day.
Draft Oil Law
The draft oil law currently before the National Assembly stipulates that it could Private companies registered in Venezuela can exploit oil without having to enter into a partnership with the state oil company.
Until now, oil production has been monopolized by the state, or joint projects in which the state holds the largest share.
The draft law is expected to be finally approved in the coming days, given that the government has an absolute majority in the National Assembly after the opposition boycotted the 2025 legislative elections.
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