Pakistan, Aug. 29 -- US President Donald Trump says his administration has reached a major oil agreement with Venezuela. He said the deal gives the United States majority control of 65 billion barrels of proven oil reserves. Trump described the agreement as the biggest oil deal in world history. Officials said the arrangement could bring nearly $100 billion in private investment to Venezuela. The agreement could significantly expand US involvement in Venezuela's energy sector.

Read More: Trump announces expanded US role in Venezuela's oil sector

Venezuela has the world's largest proven oil reserves, estimated at about 300 billion barrels. However, years of political instability and weak infrastructure have reduced its production capacit...