Venezuela opens debate on an oil sector overhaul as Trump seeks role for US firms

Flames rise from flare stacks at the Amuay refinery in Los Taques, Venezuela, Wednesday, Jan. 14, 2026.

Venezuela's legislature advanced a bill on Thursday to loosen state control over the country's vast oil sector, the first major overhaul since parts of the industry were nationalized in 2007.

(Image credit: Matias Delacroix)