
Business Daily What next for Venezuela?
Feb 12, 2026
Gideon Long, an experienced journalist who reported from Venezuela for years, offers on-the-ground analysis of the country’s shifting oil policy. He discusses the new law inviting foreign oil firms, US engagement and investment hurdles. Conversations cover sanctions, tanker seizures, the challenge of attracting majors, and whether Venezuela can move beyond oil into tourism and other sectors.
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Hair Sales Across The Border
- Gideon Long recalls Venezuelans crossing from Colombia selling cut hair for a few dollars to survive during hyperinflation.
- That image showed the extreme desperation driving mass migration from Venezuela.
Opening Oil Fields To Foreign Management
- Delcy Rodríguez's new law allows foreign companies to manage Venezuelan oil fields rather than only partnering with PDVSA.
- This represents a rapid policy shift away from decades of nationalist oil control under Chávez and Maduro.
Huge Cost And Time To Restore Production
- Rebuilding Venezuela's oil capacity to its former 3mbd level will take over a decade and cost roughly $180 billion according to industry analysis.
- The scale, cost and heavy crude quality make rapid recovery unlikely even with policy changes.
