lawmakers passed reforms paving the way for US companies to return -- a key goal of President Donald Trump's intervention in the country. Within an hour of lawmakers in Caracas voting to open the oil industry to private investment, the US Treasury Department issued a general license allowing US companies to trade with state oil firm PDVSA. The activities authorized include the refining of oil, the license said. Addressing oil industry workers, Venezuela's acting president Delcy Rodriguez hailed the reform as a "historical leap." "We are taking historic steps," Rodriguez said after a call with Trump, who also announced the reopening of Venezuela's airspace.

Trump pressured Caracas to open up its oil fields to American investors after overthrowing his socialist arch-foe Nicolas Maduro in a deadly US raid on January 3. The US president backed Maduro's deputy Rodriguez to take over, on the proviso that she give Washington access to the world's largest proven oil reserves. Rodriguez has appeared eager to comply with his demands, arguing that an influx of foreign capital is needed to revive the battered Venezuelan economy. The reform adopted Thursday paves the way for the return of US energy majors, two decades after socialist firebrand Hugo Chavez seized foreign oil fields. It modifies a law dating to 2006 that forced foreign investors to form joint ventures with state oil company PDVSA, which insisted on a majority stake. (Bssnews)