Trump considers control of Venezuela's PDVSA to lower oil prices

Reuters reports the U.S. is weighing steps to exert control over Venezuela's state oil company PDVSA, and PDVSA says it is progressing in negotiations with the United States.

U.S. officials are reported to be considering an initiative to exert long-term influence over Venezuela's oil industry, centered on the state-run company PDVSA. The Wall Street Journal reported President Trump told aides he believes such efforts could help reduce global oil prices to about $50 a barrel. The plan under consideration reportedly includes buying and marketing most of PDVSA's oil and working through past or current joint ventures with major oil firms. Reuters could not immediately confirm the report and the White House did not immediately respond to requests for comment. Known details: - The Wall Street Journal reported that President Trump and advisers are planning steps to dominate Venezuela's oil industry, including actions involving PDVSA. - The plan described in the report would involve the U.S. acquiring and marketing much of PDVSA's production, and mentions working through joint ventures with oil majors such as Chevron. - PDVSA told Reuters it is progressing in negotiations with the United States, and a PDVSA board member said the U.S. would need to buy cargoes at international prices. - Reuters could not independently confirm the WSJ report, and the White House did not immediately respond to Reuters' request for comment; Washington recently announced a deal to access up to $2 billion worth of Venezuelan crude. Summary: The reports describe a U.S. effort aimed at influencing Venezuelan oil flows and prices and note ongoing talks between PDVSA and U.S. parties, alongside a recent arrangement for access to Venezuelan crude. Undetermined at this time.