Venezuela Oil Nationalization

Venezuela's oil nationalization refers to the government's decision to transfer control of its oil industry from foreign companies to the state. In 1976, Venezuela enacted legislation to take ownership of its oil resources, aiming to increase national revenue and sovereignty over natural resources. This shift meant that foreign corporations could no longer operate independently; instead, the government managed oil extraction, refining, and sales. While intended to benefit Venezuela financially, it also led to challenges like reduced foreign investment, operational inefficiencies, and economic reliance on oil exports. Overall, nationalization marked a move to assert control over vital national resources.