Venezuelas

It all started with a direct US attack on Venezuela earlier this month.

Back then, US President Donald Trump made it clear that he was only interested in the country’s substantial oil reserves.

On Thursday, the government in Caracas announced a massive overhaul of the petroleum sector.

Venezuela’s interim president has signed a law easing state control and opening the door for private firms to invest in the country.

For many, it paves the way for US oil giants to return to Venezuela with significant investments.

But who will stand to gain from the changes, Venezuela or the United States? Or both?

Presenter: Adrian Finighan

Guests

Elias Ferrer – founder and director of Orinoco Research

Andrew Lipow – president of Lipow Oil Associates

Phil Gunson – senior analyst at the International Crisis Group

Rodriguez calls for healing ‘wounds left by political confrontation’ while announcing notorious El Helicoide prison to shut down.

Venezuela’s interim President Delcy Rodriguez has announced an amnesty bill that could lead to the release of hundreds of prisoners, her latest major reform since the US military abducted the country’s President Nicolas Maduro and his wife earlier this month.

“We have decided to push ahead with a general amnesty law that covers the whole period of political violence from 1999 to the present day,” Rodriguez said on Friday.

Speaking at a gathering of justices, magistrates, ministers, military officials and other government leaders, the acting president said the National Assembly would take up the amnesty bill with urgency.

“May this law serve to heal the wounds left by the political confrontation fuelled by violence and extremism,” Rodriguez said in the prerecorded televised event.

“May it serve to redirect justice in our country, and may it serve to redirect coexistence among Venezuelans,” she said.

Rodriguez also announced the shutdown of El Helicoide, a notorious secret service prison in Caracas, where torture and other human rights abuses have been documented by independent organisations.

El Helicoide, she said, will be transformed into a sports, social and cultural centre for the surrounding neighbourhoods.

Rodriguez made her announcement before officials whom former prisoners and human rights watchdogs have accused of overseeing El Helicoide and other detention facilities.

The Venezuelan-based prisoners’ rights group Foro Penal estimates that 711 people are in detention in facilities across Venezuela over their political activities. Of those, 183 have been sentenced, the group said.

Foro Penal President Alfredo Romero welcomed the planned amnesty but said it must apply to all prisoners “without discrimination”.

“A general amnesty is welcome as long as its elements and conditions include all of civil society, without discrimination, that it does not become a cloak of impunity, and that it contributes to dismantling the repressive apparatus of political persecution,” Romero wrote in a post on social media.

Foro Penal has calculated that some 302 prisoners have been released by Rodriguez’s government in the aftermath of the abduction of Maduro by the US.

The organisation later released a video clip on social media of what is said showed the moment that human rights worker Eduardo Torres was released from prison on Friday night, following his detention since May 2025.

Translation: Our colleague from @proveaong Eduardo Torres has been released from prison, human rights defender, former political prisoner.

Families and rights advocates have long demanded that charges and convictions against detainees who are considered political prisoners be dropped.

Government officials – who ⁠deny holding political prisoners and say those jailed have committed crimes – report that more than 600 people have been released from prison, but they have not been clear on the timeline and appear to be including prisoners released in previous years.

Venezuela’s interim President Delcy Rodriguez has signed into law a reform bill that will pave the way for increased privatisation in the South American country’s nationalised oil sector, fulfilling a key demand from her United States counterpart, Donald Trump.

On Thursday, Rodriguez held a signing ceremony with a group of state oil workers. She hailed the reform as a positive step for Venezuela’s economy.

“We’re talking about the future. We are talking about the country that we are going to give to our children,” Rodriguez said.

The ceremony came within hours of the National Assembly – dominated by members of Rodriguez’s United Socialist Party – passing the reform.

“Only good things will come after the suffering,” said Jorge Rodriguez, the assembly’s head and brother of the interim president.

Since the US military’s abduction of Venezuela’s former leader Nicolas Maduro and his wife Cilia Flores on January 3, the Trump administration has sought to pressure President Rodriguez to open the country’s oil sector to outside investment.

Trump has even warned that Rodriguez could “pay a very big price, probably bigger than Maduro”, should she fail to comply with his demands.

Thursday’s legislation will give private firms control over the sale and production of Venezuelan oil.

It would also require legal disputes to be resolved outside of Venezuelan courts, a change long sought by foreign companies, who argue that the judicial system in the country is dominated by the ruling socialist party.

The bill would also cap royalties collected by the government at 30 percent.

While Rodriguez signed the reform law, the Trump administration simultaneously announced it would loosen some sanctions restricting the sale of Venezuelan oil.

The Department of the Treasury said it would allow limited transactions by the country’s government and the state oil company PDVSA that were “necessary to the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including the refining of such oil, by an established US entity”.

Previously, all of Venezuela’s oil sector was subject to sweeping US sanctions imposed in 2019, under Trump’s first term as president.

Thursday’s suite of changes is designed to make Venezuela’s oil market more appealing to outside petroleum firms, many of whom remain wary of investing in the country.

Under Maduro, Venezuela experienced waves of political repression and economic instability, and much of his government remains intact, though Maduro himself is currently awaiting trial in a New York prison.

His abduction resulted in dozens of deaths, and critics have accused the US of violating Venezuelan sovereignty.

Venezuela nationalised its oil sector in the 1970s, and in 2007, Maduro’s predecessor, Hugo Chavez, pushed the government to increase its control and expropriate foreign-held assets.

Following Maduro’s abduction, Trump administration officials have said that the US will decide to whom and under what conditions Venezuelan oil is sold, with proceeds deposited into a US-controlled bank account.

Concerns about the legality of such measures or the sovereignty of Venezuela have been waved aside by Trump and his allies, who previously asserted that Venezuelan oil should “belong” to the US.