On January 15, 2026, Venezuela's interim President Delcy Rodríguez announced plans for sweeping reforms to the country's Hydrocarbons Law during her address to the National Assembly in Caracas. The move aims to open the vital oil sector to greater foreign investment, marking a significant shift following the U.S. military ouster of former President Nicolás Maduro less than two weeks earlier. Rodríguez emphasized that the changes would incorporate productive models from the Anti-Blockade Law, directing new funds toward untapped fields and underdeveloped infrastructure.

Without detailing specifics, Rodríguez highlighted how the reforms would enable investment in areas previously neglected due to restrictions requiring state-owned PDVSA to hold majority stakes in joint ventures. She stressed that revenues from enhanced oil production would support public services, workers, and infrastructure, including health projects. The proposal comes amid U.S. pressure to reshape Venezuela's sanctioned oil industry, with the Trump administration already seizing control of crude sales and holding proceeds in controlled accounts, generating hundreds of millions so far.

The announcement aligns with broader efforts to recalibrate ties with Washington, as Rodríguez navigates a delicate political landscape. Her speech followed a White House meeting between U.S. President Donald Trump and opposition leader María Corina Machado, though Trump has expressed support for Rodríguez's cooperative approach. Analysts view the reforms as essential to reviving Venezuela's oil output, which has plummeted from historical peaks due to underinvestment, mismanagement, and sanctions.

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This development signals a potential turning point for Venezuela's economy, home to the world's largest proven reserves, as the interim government seeks to attract international capital while addressing domestic needs. The National Assembly is expected to review the bill soon, with implications for global energy markets and regional stability.

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