While viewed by many experts as a key first step, the reforms give Caracas significant discretion over fiscal rates and private sector authorizations.

While the political environment in Venezuela remains in flux, the US is advancing its energy agenda. US firms have cautiously signaled investment interest, but is likely contingent on political stability, physical security, sanctions removal and attractive fiscal terms. At the same time, Washington’s plan to restore the Venezuelan oil sector will need to include PDVSA, which relies on a network of partners. A review of this cobbled competitive landscape may be on the table. We expect Caracas to advance short-term energy policy changes, but long-term investment clarity will be needed.

New foreign-entity limits are reshaping US clean-energy tax credits, pushing investors toward grandfathered projects, tougher diligence and supply-chain verification.