00:00Venezuela is opening its oil sector to privatization,
00:04reversing a core tenet of the socialist movement that has governed the country for more than two decades.
00:10Acting President Delce Rodriguez signed the bill into law on Thursday,
00:14less than two hours after it was approved by the National Assembly.
00:20The move comes less than a month after the seizure of former leader Nicolas Maduro
00:25in a U.S. military operation in Caracas.
00:28The new law opens the door to much-needed foreign investment
00:32as Venezuela seeks to revive an oil industry long hampered by mismanagement and sanctions.
00:38It gives private firms control over production and sales and making the royalties regime more flexible.
00:44Washington has already begun to ease economic sanctions on Venezuelan oil,
00:48measures first imposed under the first Trump administration.
00:52U.S. President Donald Trump, in a call with Rodriguez on Thursday,
00:55also announced he would be lifting restrictions on the nation's commercial airspace.
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