Venezuela's oil law reform to remove additional taxes for oil industry

Venezuela's oil law reform represents a significant alteration in the regulatory landscape for the oil industry, geared towards incentivizing investment.

Newsquawk StaffPublished 29 Jan 2026, 16:28 UTCOn the live feed at 16:08 UTC — 4 more headlines followed before this page went public

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Venezuela's oil law reform to remove additional taxes for oil industry

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Newsquawk Daily Economic Releases - 30th January 2026

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To remove additional taxes for oil industry.
To allow Income tax reduction for oil projects.
To allow outsourcing of oilfield operation.
To add new contract model to allow oil production sharing,
To reduce royalties, introduce new 'hydrocarbon tax.
To exclude National Assembly as contract approval entity.
to add possibility of oil asset privatizations.

Context

By reducing taxes and royalties and enabling private participation through outsourcing and production sharing, this could lead to increased oil output, potentially impacting global oil supply dynamics. As such, market participants should monitor WTI and other related commodity assets for possible volatility in response to these reforms.

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