Venezuela Moves to Control Oil Revenue with New Law

Venezuela has announced a major reform of its hydrocarbons law, a move spearheaded by acting President Delcy Rodríguez. The proposal includes the creation of two new state-managed funds designed to channel revenue from the country's critical oil sales.

This strategic shift comes just two weeks after the capture of President Nicolás Maduro in a raid on Caracas by U.S. forces, setting up a direct challenge to Washington's economic pressure.

Two New Funds to Manage Oil Sales

Speaking to lawmakers in Caracas, Rodríguez outlined the core of the plan: two distinct funds that will receive dollars from the nation's oil exports.

The first fund is designated for social protection, while the second is focused entirely on economic development. The government's goal is to create a formal structure for managing oil wealth and directing it toward domestic priorities.

Targeting Social and Economic Revival

The social protection fund is intended to support workers' incomes and finance essential public services, including healthcare.

Meanwhile, the economic development fund aims to stimulate growth by financing utilities and infrastructure projects. Rodríguez stated that these funds will "allow investment flows to be incorporated into new fields where there has never been investment and where there is no infrastructure."

A Strategic Response to US Actions

The timing of this announcement is critical. It follows the Trump administration's declaration that it plans to indefinitely control all future sales of Venezuelan oil, with the intention of holding the proceeds in U.S. accounts.

Venezuela's proposed law appears to be a direct countermeasure, creating a domestic legal framework to assert control over its own oil revenue in the face of international pressure.

What to Expect from the Hydrocarbons Law Reform

While the government has not yet published the full details of the legal changes, the reform is widely expected to formalize more market-friendly policies.

These policies were quietly introduced under Maduro's leadership as a way to revive an economy damaged by years of contraction, sanctions, and severe underinvestment in its core energy sector. The new law will likely codify these efforts to attract capital and stabilize production.