Interim Venezuelan president Delcy Rodriguez has passed a new law opening the country’s oil production to privatisation. For the first time in nearly 30 years…
The US eased sanctions at the same time. American firms can now sell, buy, refine, and transport crude. Sanctions on production persist for now. So ends the PDVSA nightmare…
Venezuelan oil is of poor quality and the sector has been decimated to such an extent that it will take a huge amount of investment to get it back on its feet. Expansive new legislation is intended to wrestle control of the sector from the state and allow for independent legal dispute arbitration – so the courts can’t expropriate assets again. Rubio added this week that China will still be able to buy Venezuelan oil – but only at market prices…
Rubio added that he wants opposition leader María Corina Machado to be part of a transition process and run for elections eventually. The long road to liberal democracy…
