U.S. Eyes Control: The Battle Over Venezuela's Oil

The U.S. under President Trump is planning to gain influence over Venezuela's oil industry. The initiative includes potential control over PDVSA, aimed at reducing oil prices. Despite ongoing negotiations, PDVSA has indicated that oil must be bought at international prices. The deal highlights U.S. strategic interests.

President Donald Trump is setting his sights on dominating Venezuela's oil industry, a move that could shape market dynamics for years. The Wall Street Journal reports that the U.S. aims to lower oil prices to $50 per barrel through strategic control over Venezuela's state-run oil company, PDVSA.

Plans under consideration involve the U.S. gaining significant influence over PDVSA by acquiring and marketing its oil. Although the White House has yet to comment, the proposal suggests using joint ventures with oil majors like Chevron to distribute Venezuela's oil, reinforcing America's presence in the region.

Amid negotiations, PDVSA insists on international pricing for its oil. Recent U.S. announcements of a deal worth $2 billion underline increasing pressures on Caracas to align with Trump's demands or face potential military consequences.

(With inputs from agencies.)