Venezuela opens its oil industry to foreign investment amid economic crisis

Venezuela is taking major steps to revive its struggling oil industry, which is the world's largest by reserves. The government has approved a reform to allow foreign capital into the state-controlled oil sector, and is injecting hundreds of millions of dollars from oil sales into the banking system to try to stabilize the economy.

These moves come as the country deals with a severe economic crisis, where daily survival is a challenge despite its vast oil wealth. The situation has created opportunities for international traders and some foreign companies, like Spain's Repsol, while also involving complex financial arrangements, including deals backed by cryptocurrency.