US President Donald Trump and his advisers are plotting initiatives to control Venezuela’s oil industry for years to come, with Trump telling aides he believes his efforts can bring oil prices down to $50 a barrel, The Wall Street Journal reported Wednesday.
The report, citing people familiar with the matter, said plans being considered include the United States exercising some control over Venezuela’s state-run oil company PDVSA, such as buying and selling a large portion of its oil production.
Reuters could not immediately confirm this report. The White House did not immediately respond to Reuters’ request for comment.
The US seeks to exercise control over PDVSA through agreements to purchase and potentially distribute the company’s oil, including past and current joint ventures with oil majors like Chevron, the report added.
PDVSA announced earlier on Wednesday that negotiations for oil sales with the United States were making progress, as a board member told Reuters that the United States would need to buy cargo at international prices. On Tuesday, Washington announced a deal with Caracas to gain access to up to $2 billion worth of Venezuelan oil, a sign that Venezuelan government officials are complying with President Trump’s demands to open the door to U.S. oil companies or risk further military intervention.
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Jacqueline Wong and Christian Schmollinger)
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