By Mauricio Torres, Moriah Thomas, Michael Rios, Laura Sharman, CNN

Photo: Gaby Oraa/Bloomberg/Getty Images via CNN Newsource

Venezuelan lawmakers have approved a law change that will make it easier for foreign companies to take part in the country's oil industry, in a move by Caracas to meet the demands of United States President Donald Trump.

The reform, backed by acting President Delcy RodrΓ­guez, will open up the Venezuelan oil industry, at present largely controlled by state-owned company PetrΓ³leos de Venezuela (PDVSA), and allow foreign companies to manage oilfields at their own risk and cost.

It comes as Trump threatened to impose additional tariffs on countries supplying oil to Cuba, declaring a national security emergency over the issue.

Since the US captured RodrΓ­guez's predecessor

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