Venezuela's acting president Delcy Rodríguez on Thursday signed a law that will open the nation's oil sector to privatization, reversing a tenet of the self-proclaimed socialist movement that has ruled the country for more than two decades.

The CIA is quietly working to establish a permanent US presence on the ground in Venezuela, spearheading the Trump administration’s plans to exert its new-found influence over the country’s future, according to multiple sources familiar with the planning.

Secretary of State Marco Rubio's appearance in the Senate will mark the first time Trump’s administration has formally answered questions over the raid on Venezuela.

Rubio said "the president does reserve the option in self defense."

By Marianna Parraga Jan 29 (Reuters) - Lawmakers approved in a final vote on Thursday a sweeping reform of Venezuela's main oil law after sweetening a proposal by interim President Delcy Rodriguez to lower taxes,

This used to be one of the world's most productive oil basins, and along with the city of Maracaibo, across the lake, is seen as key to President Donald Trump's plan to get US firms to invest $100bn (£75bn) to rebuild Venezuela's energy industry. The country has the world's largest proven oil reserves, estimated at about 303 billion barrels.

Global public affairs and risk advisory firm Forward Global has launched a new advisory group dedicated to helping clients navigate the rapidly changing political and commercial climate in Venezuela.

RCP Washington editor Carl Cannon explained why American energy companies might be skeptical to invest in Venezuela when the Trump administration asks them to Wednesday on the RealClearPolitics podcast: CARL CANNON: Do you realize what a hard sell this is?