Pakistan, Aug. 29 -- US President Donald Trump has announced a major expansion of American involvement in Venezuela's oil industry. He said the United States had secured majority control of more than 65 billion barrels of proven reserves. Trump said the arrangement involved private companies and would cost American taxpayers nothing. However, he provided few details about the agreement or its legal structure. The move could give US firms greater access to Venezuela's vast energy resources.

Read More: US seeks stake in Venezuela' oil industry

Venezuela has the world's largest proven oil reserves. However, years of underinvestment, mismanagement and sanctions have weakened its production capacity. The country currently produces about 1.25...