President Donald Trump has announced an unprecedented US push to take control of a fifth of Venezuela's vast oil reserves, betting that American companies can revive the OPEC nation's battered energy industry while delivering a new source of crude to help bring down US fuel prices.

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…

The deal would more than double US oil reserves at a time when the US strategic petroleum reserve is at a 40-year low, said news site Axios.

US president says US will have ‘majority’ control of 65bn barrels of proven oil reserves