India, Aug. 27 -- The United States is reportedly in talks with the interim government of Venezuela to acquire ownership stakes in at least a dozen oil fields in the South American country. The Axios reported Thursday citing two unnamed US officials, that the two countries are close to signing the "massive" deal.

The murmurs of the deal in Washington comes as the US Strategic Petroleum has fallen to approximately 289.7 barrels in August 2026. It is the lowest since 1982, amid the ongoing crisis in the Middle East and the Strait of Hormuz deadlock.

The officials cited in the report that the deal with "more than double" the current strategic petroleum reserves in the United States. The details remain in discussion between the two countrie...