US Seizes Control of Venezuela's Oil Industry
Venezuela's oil industry has been a contentious issue for decades, with policymakers debating whether to liberalize or nationalize it. The current governing party has preferred nationalization, using oil revenues to expand its influence in the region.
In January 2026, US special forces abducted President Nicolas Maduro and whisked him back to the US to stand trial on guns-and-drugs charges.
Maduro's deputy, Delcy Rodriguez, has since taken over as interim president and aimed to privatize the oil industry in favor of US government interests.
In recent months, significant reforms have been implemented, including a revised General Hydrocarbons Law and the liberalization of energy power plants. Additionally, US and foreign oil companies, excluding those from China, Russia, Iran, or North Korea, have been granted permission to participate in tapping Venezuela's vast oil wealth.