Venezuelan lawmakers have approved significant changes to the country’s primary oil legislation. The reform, passed in a final vote, introduces provisions that are expected to increase the operational independence of oil companies working in Venezuela.
The updated law aims to attract investment and improve efficiency in the oil sector by offering more flexible terms to operators. These changes come amid ongoing efforts to revitalize Venezuela’s struggling oil industry.
**Why this matters**
Venezuela holds some of the world’s largest oil reserves, and the sector is crucial to its economy. Enhancing operator autonomy could help boost production and attract foreign investment, which is vital for the country’s economic recovery.
Source: News Source