Venezuela’s Opposition Softens Proposed Oil Reform Bill

The oil reforms proposed by Venezuela’s opposition party led by Juan Guaido—the president that the United States and other countries have recognized—have been scaled back, according to a draft bill seen by Reuters. The reforms, which previously marked a drastic shift from the current law, are now more sober, but still will encourage private investments into the country’s oil sector. The new proposal, according to the draft, would still enable private companies to hold majority stakes in upstream JVs with PDVSA, and they…