BENGALURU (Jan 7): US President Donald Trump and his advisers are planning an initiative to dominate the Venezuelan oil industry for years to come, and the president told aides he believes his efforts could help lower oil prices to US$50 a barrel, the Wall Street Journal (WSJ) reported on Wednesday. A plan under consideration includes the US exerting some control over Venezuela's state-run oil company PDVSA, including acquiring and marketing the bulk of the company’s oil production, the report said, citing people familiar with the matter. Reuters could not immediately confirm the report. The White House did not respond immediately respond to Reuters' request for comment. The US is looking to wield control of PDVSA through a deal under which it would work to buy and possibly distribute the company's oil, including through past and current joint ventures with oil majors like Chevron, the report added.

Source: The Edge Markets January 08, 2026 03:46 UTC