, Aug. 29 -- President Donald Trump said Friday that the United States has reached a major agreement with Venezuela that could give an American-backed private company access to the South American nation's vast oil reserves.

Trump described the agreement as the "biggest oil deal in world history", saying it was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela's acting President Delcy Rodriguez.

Rodriguez's government said the agreement covers the development of 17 oil fields with proven potential of 65 billion barrels. It estimated that the deal could attract around $100 billion in investment and generate more than $209 billion in tax revenue for Venezuela.

Under the agreement, the United States...