Argentina announced a shift in oil policy.

President Raul Alfonsin announced the change in a Houston speech in which he offered U.S. oil companies a share of his country’s oil reserves. Economically troubled Argentina now controls all domestic production through its nationalized oil company, YPF, and has allowed foreign oil companies to explore for reserves under contract but required them to turn over any oil found to the government. Under Alfonsin’s new directive, foreign oil companies would be able to share in the reserve depending on the contract.