Text of the new Venezuelan hydrocarbon law and legal analyses showing it removes or relaxes specific Chavez-era restrictions on private investment in the oil sector.
Source summary
Secretary of State Marco Rubio testified before the Senate Foreign Relations Committee on January 28, 2026, focusing on
U.S. policy after the removal of Nicolás Maduro. He said U.S. strategy has three goals—stability, recovery, and a democratic, prosperous
Venezuela—and described a short-term mechanism allowing quarantined, sanctioned
Venezuelan oil to be sold at market prices with proceeds deposited under U.S. oversight for the Venezuelan people. Rubio highlighted steps toward normalizing the oil industry (including a new hydrocarbon law), the replacement of
Russian diluent with U.S. supply, and the gradual release of political prisoners.