Venezuela Breaks Up Oil Monopoly Under New Regulations
Hyperdash NewsCommoditiesVenezuela has ended its state oil monopoly with new regulations. This move aims to attract foreign investment and boost oil production. The new framework allows private companies to control oil production and sales, ending the monopoly held by state-owned Petróleos de Venezuela SA.
This policy shift reverses two decades of state control over the oil industry. The reform introduces a royalty cap rate of 30% and allows for executive adjustment of percentages for individual projects. It also permits independent arbitration for disputes. On Hyperdash, 
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