The Trump administration is in advanced talks with Venezuela for the U.S. to take a direct stake in 17 oil fields holding roughly 90 billion barrels of crude reserves, according to the Wall Street Journal. The deal would give the U.S. a foothold in nearly one-third of Venezuela's massive energy reserves and could pave the way for independent U.S. energy producers to become involved in oil production in the Latin American country.

Details are still being worked out, including whether the U.S. would create joint ventures with private companies or hire firms to work the fields. The U.S. deal aims to reassure American companies hesitant to invest in Venezuela's oil industry, which has fallen into disarray after years of mismanagement under Hugo Chávez and Nicolás Maduro. Venezuela's proven reserves total 300 billion barrels, the largest in the world.

Critics including Harvard economist Ricardo Hausmann have called the potential deal illegitimate, stating it would be a fiasco for all involved, starting with Secretary of State Marco Rubio. The country's oil production stands at about 1.1 million barrels per day, roughly in line with last year's figures.