Venezuela has announced a new policy permitting private companies to invest in its oil industry. This marks a significant shift from the country’s previous approach, which was dominated by state control over oil production and exploration.
The government aims to attract foreign and domestic investors to boost oil output and improve the economy. Officials believe that opening the sector could lead to increased production and revenue.
**Why this matters**
Venezuela holds some of the largest oil reserves in the world, and the oil sector is a critical part of its economy. Allowing private investment could help address declining production levels and generate much-needed economic growth. This change may also impact global oil markets given Venezuela’s potential supply capacity.
Source: News Source