Venezuela is overhauling its long-standing nationalist oil policy in an effort to attract investment, with changes aimed at making the country�s vast oil reserves more appealing to outside capital and support the industry�s recovery.

The reforms are part of broader moves by the government and reflect a shift toward easing restrictions that had limited foreign involvement in the sector. At the same time, the United States has taken a significant step to expand the ability of oil companies to operate in Venezuela by issuing a general license that broadens permissible activity under U.S. sanctions.