Venezuela is preparing to open its oil sector to private investment, having passed a relevant bill in its first reading. This step is seen as part of the process of normalizing relations with Washington, which were severed in 2019. Current oil production in Caracas stands at around 1.2 million barrels per day, significantly below the peak level of the early 2000s. Analysts note that reforming the oil law is a demand from American companies seeking guarantees before investing in exploration and extraction. The United States, in turn, has appointed a new Chargé d'Affaires in Venezuela, also a sign of warming relations. U.S. President Donald Trump recently emphasized that he is working "very well" with Venezuelan Acting President Delcy Rodríguez, who came to power after the ousting of Nicolás Maduro. The bill, which awaits a second reading, will allow registered private companies to sign contracts for the exploitation of oil fields. According to the head of parliament, Jorge Rodríguez, the acting president's brother, the reform is necessary to increase production, despite Venezuela having the world's largest proven oil reserves. As part of the rapprochement with the U.S., Rodríguez announced the release of political prisoners, but the process is slow: less than 200 of the 800 prisoners have been released, according to the non-governmental organization "For Penal".
