Trump administration in talks for US stake in Venezuela oil: Report

NEW: Trump administration in talks for a US stake in Venezuela's oil, a deal that would more than double US oil reserves as the strategic petroleum reserve sits at a 40-year low, Axios reports.

The Trump administration wants a piece of Venezuela's oil. Actual ownership, a US stake, and Axios reports the talks are already happening.

Here's the scale of it. A deal like this would more than double America's oil reserves on paper. Venezuela sits on the largest proven crude reserves on the planet, bigger than Saudi Arabia's, and Washington is negotiating its way in the front door.

The timing tells you why. The strategic petroleum reserve is at a forty year low, so the cushion America keeps for emergencies is thinner than it's been since the early eighties. If you can't refill the tank fast, buying into someone else's field starts looking very practical.

And remember, this is the same Venezuela the US has sanctioned for years. Caracas goes from pariah to partner if the ink dries. Nothing is signed yet, but the fact these talks exist at all is the story.

This is Angel Manalo, reporting for HIT.