Venezuela’s acting president, Delcy Rodríguez, has signed a new hydrocarbons bill into law, aiming to open the country’s oil sector to private companies. The law allows private firms to control oil production and sales, reduce taxes, and seek independent dispute arbitration while keeping state influence intact. Congress approved the law unanimously, with Rodríguez saying, "We’re talking about the future. We are talking about the country that we are going to give to our children." His brother, congressional leader Jorge Rodríguez, called it "good things for everyone." Earlier, Delcy Rodríguez spoke with US President Donald Trump, who announced plans to "open up all commercial airspace over Venezuela." Trump also confirmed that US oil companies are already scouting sites in Venezuela. The US Treasury has eased some sanctions on Venezuela’s state oil firm, PDVSA, allowing transactions with the regime. Since a January 3 military action, the US has controlled Venezuela’s oil exports and revenues to pressure the Maduro government. The new law changes previous rules by allowing private companies minority stakes but direct technical and operational management in joint ventures with PDVSA. It also permits royalty payments to be lowered from 30% down to zero. Experts welcome the law but remain cautious. David Vera from the Craig School of Business called it "a positive step" but said legal uncertainties remain. Legal expert José Ignacio Hernández said it "improves contractual stability but fails to address all causes of the oil sector’s collapse." Venezuela holds the world’s largest oil reserves but produces less than 1% globally, dropping from 3.4 million barrels per day decades ago to about 1 million due to mismanagement, corruption, and sanctions. Critics note the law was rushed through without real public debate. Gonzalo Escribano of Spain’s Elcano Royal Institute said true foreign investment needs a democratic transition, which the US has not scheduled. Hernández concluded, "It will be, I fear, a short-lived law."