Venezuela's parliament is moving forward with sweeping legislation to reduce state control over the nation's oil industry—marking the most significant policy shift since Hugo Chavez's 2007 nationalization program. The debate kicked off Thursday, signaling a potential turning point for one of the world's largest crude reserves. This structural overhaul could reshape capital flows and liquidity patterns in emerging markets, with ripple effects on alternative asset allocation strategies. For those tracking how geopolitical and economic shifts influence market sentiment, this move represents a notable case study in how legacy nationalization policies are being reconsidered across the Global South.