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Venezuela is reopening its oil sector as part of a broader shift in economic policy and foreign relations under an interim government installed after the removal of former President Nicolás Maduro, according to reporting by DW. The move is aimed at attracting international capital and accelerating recovery from a prolonged economic crisis linked to sanctions imposed by the US, the EU and other Western partners.
Changes are also visible beyond energy. Iberia has resumed flights to Caracas, while American Airlines plans to return to the market. Regionally, Paraguay is pushing to restore Venezuela’s member status in Mercosur, a step that could influence future trade negotiations, including potential deals with the European Union.
Venezuela holds the world’s largest proven oil reserves, and reviving production is widely viewed as central to stabilizing the economy. Early indicators point to improvement: long lines at gas stations have eased, and crude oil exports in March 2026 rose to more than 1.1 million barrels per day, the highest level since September of the previous year.
The March 2026 figure represents a sharp increase from about 893,000 barrels per day in 2024, contrasting with the broader global picture. OPEC has noted that world oil output has fallen sharply due to the US-Iran conflict, making Venezuela’s rebound stand out.
The renewed activity is drawing back major energy firms. Repsol said it plans to resume operations in Venezuela following talks with interim president Delcy Rodríguez.
Chevron, in particular, has moved to expand its role through new agreements with state oil company PDVSA. Under the deals, Chevron would hold nearly half of the stake in the Petroindependencia joint venture and expand exploitation rights in the Orinoco oil belt, described as one of the world’s richest resource basins.
Venezuelan officials said the agreements are expected to boost output and generate direct revenue for the economy and the population.
Despite the momentum, investment prospects remain constrained by institutional risks. Analysts cited limited transparency in oil and gas activity and said it is difficult to monitor developments. They also pointed to unclear payment mechanisms—particularly involving the United States—making it harder to forecast outcomes such as prices, employment and budget impacts.
Another concern is political legitimacy. The interim government is not yet recognized through a democratic process, while opposition forces and new political actors are pushing for a more market-oriented economic approach.
At CERAWeek in Houston, opposition leader María Corina Machado said Venezuela would move toward full privatization, with the state playing an enabling role by setting clear rules, ensuring contract enforcement and creating a stable long-term environment for investors.
In day-to-day governance, President Delcy Rodríguez has been attending investment forums and gradually easing barriers for the private sector, according to the article.
Local media have also raised questions about whether Siemens will participate in rebuilding Venezuela’s electricity infrastructure. Paul Marquez, head of the Zulia chapter of Fedecámaras, said growth depends on a stable power grid, adding that without electricity, oil output cannot be increased. He also said Siemens is preparing technical proposals for submission to authorities.
When contacted by DW, Siemens did not confirm or deny involvement. A Siemens spokesperson said the company is in close contact with the local team, evaluating potential impacts on operations, and will monitor developments closely. The company also emphasized that, amid instability, the safety of personnel is the top priority.
Venezuela’s oil-sector opening is creating opportunities for global investors, particularly as energy demand remains high. However, political risk, lack of transparency and questions about the government’s legitimacy could limit capital flows in the near term, leaving the country balancing between reintegration into the global economy and uncertainty about its future.
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