Venezuela assured Beijing that its oil pricing will not be dictated by the U.S. and that Chinese investment in the South American country will remain secure.

Venezuela’s acting President Delcy Rodríguez has signed a law that will open the nation’s oil sector to privatization.

President Donald Trump and Venezuelan interim President Delcy Rodríguez are banking on oil for the success of their political futures. But that may not be enough for Venezuelans who want more than just economic relief.

Chevron is the only U.S. oil major operating in Venezuela through a special license issued by the Treasury Department.

The United States will allow Venezuela to sell oil that's currently under American sanctions and use the proceeds to pay for basic government services.

By Marianna Parraga Feb 2 (Reuters) - Venezuelan oil exports rose to some 800,000 barrels per day (bpd) in January, from 498,000 bpd in December, after the U.S. capture of Nicolas Maduro and the ending of an oil blockade which has let traders carry most exports,