Venezuela's interim president Delcy Rodríguez has proposed new oil reforms in her first state of the union address since former president Nicolás Maduro was seized by the US.
Rodríguez said she wanted to reform the law that limits foreign involvement in the country's oil industry - a move away from Maduro's policies.
She stated she was not afraid to face the US 'diplomatically through political dialogue,' emphasizing the need for Venezuela to defend its 'dignity and honour.'
President Donald Trump has indicated that US oil companies would look to invest in Venezuela, with plans for the US to control sales of sanctioned Venezuelan oil 'indefinitely.'
Trump has urged oil companies to invest at least $100bn (£75bn) in Venezuela, although industry executives warn that the country is currently 'uninvestable.'
Rodríguez, who was sworn in on January 5 after US forces seized Maduro, expressed that delivering Maduro's annual report was 'very difficult,' as she and Maduro had collaborated on the speech shortly before his removal.
Addressing the potential risks posed by the US, Rodríguez expressed her willingness to engage in diplomacy, aiming to unite Venezuelans in defending the nation's sovereignty.
In her address, she announced plans to reform the hydrocarbon law, making it possible for foreign partners to invest without the current requirement that they work with state-owned PDVSA. These reforms are intended to attract investment and create two sovereign funds for social protection and infrastructure.
Venezuela is facing an economic crisis, characterized by soaring food prices and a lack of purchasing power. Residents have voiced concern over food shortages, with inflation deeply impacting their daily lives.
Rodríguez's reforms coincide with growing interest from US investors in Venezuela’s oil wealth, which is the largest globally. However, significant changes remain necessary to make the country an attractive investment opportunity, as highlighted by US oil executives.
Venezuela's complex relationship with international oil firms continues, with Chevron being the last major American oil company still operating in the country.
