Caracas claims to open the sector to private players.
It all started with a direct US attack on Venezuela earlier this month.
At the time, US President Donald Trump made it clear that he was only interested in the country’s large oil reserves.
On Thursday, the Caracas government announced a massive overhaul of the oil sector.
Venezuela’s interim president has signed a law loosening state control and opening the door for private companies to invest in the country.
For many, this paves the way for American oil giants to return to Venezuela with significant investments.
But who will benefit from these 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 January 31, 2026
