A new fuel price system has come into force in Venezuela. Fuel prices, traditionally the cheapest in the world, are being raised. As an innovation, private petrol station operators are now allowed to import petrol and sell it in foreign currency. By Juan Martinez. Full Text -> TheRioTimes

National Assembly President Juan Guaido has announced a plan to open oil investment to the international community. This plan, part of a broader agenda to repair Venezuela’s failing economy, would allow foreign interests to mine, refine, and sell oil independently from the country’s state-run Petroleos de Venezuela (PDVSA) company for the first time in almost two decades. By Sage Dushay. Full text -> The Organization for World Peace

As per a BBC report, the sources in the country’s oil sector are furiously placing their bets that President Maduro would end up bringing a change in the Hydrocarbon Law of the country that welcomes foreign companies collaborating with PDVSA to exploit the oil fields extremely. There is, however, no official confirmation on the plan. By Anna Domanska. Full text -> Industry Leaders

Government held talks with Repsol, ENI and Rosneft on shares. Proposal could reverse Chavez’s nationalization policy. By Fabiola Zerpa, Lucia Kassai. Full text -> Bloomberg