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Weekly Report - 16 April 2026 (WR-26-15)
VENEZUELA: Mining reform gets over line in latest win for US
Another pillar of Chavista economics was dismantled on 9 April when Venezuela’s national assembly unanimously approved a reform to the 1999 mining law. Similar to the hydrocarbon reform, which was approved in late January, the legislation encourages international investment in mining and eases the state’s control over the industry. In a further sign of the changed times, President Delcy Rodríguez confirmed this week that she has met representatives from US oil firms ConocoPhillips and ExxonMobil, which both pulled out of Venezuela after being targeted with nationalisations under Hugo Chávez (1999-2013). Led by Chevron, this renewed engagement from the US oil sector suggests that corporations may be about to heed President Donald Trump’s call for a flood of investment into Venezuela.
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