Donald Trump, together with his closest advisers, is working on a long-term strategy aimed at establishing control over Venezuela’s oil industry, reports The Wall Street Journal, citing sources familiar with the discussions. Those around the US president believe that implementing such an approach would push global oil prices down to around $50 a barrel—a level Trump has repeatedly described as optimal.
Under the plan, Washington hopes to secure “a certain degree of control” over Venezuela’s state oil company, Petróleos de Venezuela (PdVSA), including oversight of sales for most of the crude it produces. If successful, the United States would be able to consolidate influence over a substantial share of the Western Hemisphere’s oil reserves—taking into account its own fields as well as assets in other countries where production is controlled by US corporations. At the same time, the White House aims to achieve two additional objectives—pushing Russia and China out of Venezuela and lowering energy costs for American consumers.
As WSJ notes, despite oil prices already being relatively low, Trump has struggled to persuade US oil companies to ramp up production. For many of them, $50 a barrel is considered the lower threshold of profitability. Nevertheless, according to the newspaper, the Trump administration has already begun closed-door consultations with Venezuelan authorities on the possibility of exerting control over oil supplies.
The newspaper recalls that in recent years US sanctions have sharply reduced oil production in Venezuela, depriving the country of a significant share of its buyers. China remains the largest importer of Venezuelan crude. White House press secretary Karoline Leavitt said at a briefing on January 7 that some sanctions on Venezuela would be lifted in the coming days, allowing the resumption of oil sales that had previously been restricted.
On January 6, Trump wrote on the social network Truth Social that Venezuela’s interim authorities intend to transfer between 30 million and 50 million barrels of sanctioned oil to the United States. “This oil will be sold at market price, and I, as President of the United States of America, will control this money to ensure that it is used for the benefit of the people of Venezuela and the United States,” Trump said.