Venezuela approves bill to open oil sector to foreign investment after US pressure

Law will give private companies more control but experts unsure whether reforms go far enough for US

Venezuela's acting president has signed into law a bill making significant changes to the country's oil sector after pressure from the US to open it up to foreign private investment.

The new hydrocarbons law promises to give private companies control over oil production and sales, ease taxes and allow for independent arbitration of disputes, while largely maintaining state control over oil production.