By Mauricio Torres, Moriah Thomas, Michael Rios, CNN(CNN) — 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 US President Donald Trump. The reform, backed by acting President Delcy Rodríguez, will open up the Venezuelan oil industry, at present largely controlled by state-owned company Petróleos de Venezuela (PDVSA), and allow foreign companies to manage oilfields at their own risk and cost. Since the US captured Rodríguez’s predecessor, President Nicolás Maduro, at the beginning of January it has repeatedly made clear it wants American companies to invest in Venezuela’s oil industry. The new law could help the country maximize its profits from them, Rodríguez said Thursday night. Easing restrictionsThe law was approved on the same day that the US Treasury eased some sanctions on Venezuela’s oil industry.