Overview
- The U.S. Treasury said transactions by PDVSA and entities it controls by at least 50% are now authorized, effectively allowing American companies to trade with the state oil firm.
- Venezuela’s new hydrocarbons law allows private companies to sign contracts to exploit, distribute, and market production without state participation.
- The reform replaces multiple levies with a single contribution capped at 15% plus royalties up to 30% of gross revenues, with rates set project by project by the executive.
- President Donald Trump said he requested the reopening of Venezuelan airspace to commercial flights and asserted that U.S. citizens would be safe traveling there.
- The U.S. move came minutes after the Assembly’s vote, which analysts described as occurring under U.S. pressure, while experts caution the changes may still fall short of attracting broad new investment.