President Trump announced the "biggest oil deal in world history," following an agreement involving the Venezuelan government.

The president said an agreement between the countries covered more than 65 billion barrels of reserves. A U.S. official said it would involve a partnership with a private company.

Chevron, the second largest U.S. oil company, is building on its wager to remain in Venezuela, where it already accounts for about a quarter of the country’s oil production.

A signing ceremony involving several smaller U.S. producers and Petróleos de Venezuela is set for Houston, according to three people familiar with the plans.

Amid stepped-up surveillance flights, a visit of the C.I.A. director and an energy embargo, the White House is trying to increase pressure on Cuba.