The Trump administration is in talks with Venezuela to take an ownership stake in the Latin American nation's oil fields, Axios reported.

The potential deal represents a significant shift in U.S. policy toward Venezuela, which has been under economic sanctions for years. Details of the proposed arrangement remain unclear, but the discussions suggest a growing interest in accessing Venezuela's vast oil reserves.

Patricia Laya and Joe Ryan reported the story for Axios, citing sources familiar with the negotiations. The move comes as Venezuela struggles with hyperinflation and currency instability following years of economic collapse.

No official confirmation has been provided by either the U.S. or Venezuelan governments at this time.