India, Aug. 30 -- Venezuela has given more details about its new oil deal with the US, after President Donald Trump said the agreement would put a large part of Venezuela's oil reserves under majority US control. Venezuelan interim President Delcy Rodriguez explained the deal in a late-night address on state television channel VTV.

The agreement will run for 25 years, according to Rodriguez. It covers the development of 17 strategic oilfields in Venezuela. The oilfields have a production target of more than 1.5 million barrels of oil per day. Rodriguez stressed that this target applies only to the oil production covered by the bilateral US-Venezuela agreement, according to The Hill.

The deal is aimed at bringing Venezuela's oil industry...