The Trump administration is discussing a potential US ownership stake in Venezuelas oil industry, Axios reported, covering more than a dozen fields holding about 90 billion barrels of proven reserves. The proposal could bring private US companies into developing the assets, increase Venezuelan oil revenues and significantly expand US access to crude.

The deal would give the U.S. an ownership stake in Venezuela's oil fields and more than double American oil reserves.

US and Venezuela are reportedly nearing a deal for Washington to acquire stakes in over a dozen Venezuelan oil fields, potentially boosting US oil reserves.