Oil executives and lawyers are lobbying for changes in Venezuela’s hydrocarbon law to allow for freely exporting oil. This is in response to the $100 billion reconstruction plan for the country’s oil industry proposed by President Trump. The proposed changes would give foreign partners more control over production and access to export infrastructure. The existing law requires PDVSA to control all oil produced, but this has become difficult due to U.S. sanctions. International oil companies are also seeking to remove extra taxes introduced in 2021, aiming for a smaller government take of oil value. Venezuela’s interim president is submitting a proposal to reform the hydrocarbon law, incorporating existing oil contracts approved under President Maduro.

Read more at Yahoo Finance: International oil companies push for quick reforms in Venezuela to give them control over oil exports