Sweeping oil reform in Venezuela approved, operators expected to gain autonomy

Core Viewpoint - Venezuelan lawmakers have approved a significant reform of the country's main oil law, which includes tax reductions and expanded powers for the oil ministry [1] Group 1: Legislative Changes - The reform was finalized in a vote on Thursday, indicating strong legislative support for the changes [1] - The proposal was enhanced by interim President Delcy Rodriguez, suggesting a strategic approach to attract investment in the oil sector [1] Group 2: Economic Implications - Lowering taxes is expected to stimulate the oil industry, which is crucial for Venezuela's economy, heavily reliant on oil revenues [1] - The expansion of the oil ministry's powers may lead to more streamlined operations and potentially increased production levels [1]