U.S. President Donald Trump and his administration are preparing a long-term strategy aimed at exerting control over Venezuela’s oil industry, with the goal of pushing crude prices toward a $50-per-barrel target.
The plan under consideration reportedly includes gaining influence over Venezuela’s state-owned oil company, Petróleos de Venezuela SA (PdVSA). Trump has said privately that directing Venezuelan oil flows could help bring global energy prices down to his desired level.
If implemented, the initiative would give the United States oversight of a significant portion of oil supply in the Western Hemisphere, while also limiting a key source of crude exports to China. Lower oil prices are also seen as central to Trump’s broader economic agenda, which includes easing inflation pressures and boosting voter confidence.
Earlier this week, Trump stated that Venezuela agreed to transfer between 30 million and 50 million barrels of oil to the United States, with Washington retaining control over the revenue generated from the sales. The announcement followed a U.S. military operation in Venezuela that resulted in the capture of President Nicolas Maduro.
Following the operation, Trump indicated that Washington would take control of Venezuela’s oil sector and invited major U.S. energy companies to participate in revitalizing the country’s oil industry. Among them is Chevron, currently the only American oil major with existing operations in Venezuela.
Oil prices fell sharply after the U.S. intervention, as markets reacted to the possibility that increased access to Venezuela’s reserves could add significant new supply to global markets. The prospect of additional output has intensified concerns about a potential supply glut heading into 2026.
