The Latest Breaking News from PDVSA

Law will give private companies more control but experts unsure whether changes go far enough for US

Venezuela's National Assembly has approved a new law opening its oil sector to private companies. This reverses a policy of state control lasting over 20 years. The law allows private firms to manage oil production and sales. It also permits international arbitration for disputes. Extraction taxes will be adjusted.

US special forces snatched president Maduro and his wife in a lightning raid on Saturday and whisked them to New York to face trial on drug and weapons charges.

Chevron is negotiating with the U.S. to expand its Venezuelan oil license and increase crude exports amid ongoing sanctions and talks.

Trump is urging U.S. oil companies to return to Venezuela but question marks remain with instability, high costs, and weak oil prices.

Though petro-giants have long sought lost assets in the South American country, they have reasons, for now at least, not to leap at Trump’s invitation to join his war on the climate and the international legal order.

The capture of former Venezuelan president Nicolás Maduro by the US intelligence services and armed forces has resulted in a frenzy of speculation about its consequences. But there is no doubt that the events were closely linked to the oil riches of the country. While the political situation in Venezuela…

Colonel Lockjaw played a very different role when he visited Caracas to see Venezuelan President Hugo Chávez and the Mexican jungle, to meet El Chapo.

Washington’s action in Venezuela jolted markets, with oil showing volatile price movements as investors considered long-term supply consequences. Gold and defence stocks also inched up.