New Delhi, Aug. 28 -- US President Donald Trump's administration is reportedly working on a deal that would give Washington long-term access to some of Venezuela's crude oil reserves, potentially bringing down the cost of importing oil.

Citing sources familiar with the development, Reuters reported on Thursday (local time) that an agreement, which is likely to be signed and made public soon, could allow the Trump administration to secure a group of Venezuelan oilfields for development by American companies. The move would ensure a guaranteed supply of oil for the United States.

One of the people familiar with the development said, "This is real and being discussed at the highest levels of the US and Venezuelan governments."

Another sou...