Private companies to control oil productionThe legislation promises to give private companies control over the production and sale of oil, ending the state-owned Petróleos de Venezuela SA’s (PDVSA) monopoly over those activities as well as pricing. Rodríguez’s government expects the changes to serve as assurances for major US oil companies that have so far hesitated about returning to the volatile country. “Let the light shine on in the oil industry,” Ecarri said. His 2006 changes to the oil industry law required PDVSA to be the principal stakeholder in all major oil projects. Sanctions imposed by successive US administrations further crippled the oil industry.