Venezuela Plans Oil Law Reform with Partnership Model and Reports $300 Million Oil Revenue

Venezuela's top lawmaker Jorge Rodriguez announced that an upcoming reform of the country's main oil law will adopt a partnership model introduced under President Nicolas Maduro's administration, aiming to boost foreign investment. The current law features a single contract model controlled by state company PDVSA, but new 'productive participation contracts' have been used recently without full disclosure. Additionally, acting president Delcy Rodriguez reported receiving $300 million from oil sales, intended to stabilize Venezuela's exchange market and protect workers' purchasing power.