Trump considers taking control of Venezuela's oil company, lowering oil prices to $50 a barrel — report

U.S. 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 $50 a barrel, the Wall Street Journal reported on Wednesday.

A plan under consideration includes the U.S. 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 U.S. 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 <CVX.N>, the report added.

PDVSA said earlier on Wednesday it is progressing in negotiations with the United States for oil sales, as a board member told Reuters the U.S. will need to buy cargoes at international prices.

On Tuesday, Washington announced a deal with Caracas to get access to up to $2 billion worth of Venezuelan crude, a sign that Venezuelan government officials are responding to Trump's demand that they open up to U.S. oil companies or risk more military intervention.

Gnaneshwar Rajan in Bengaluru; Editing by Jacqueline Wong and Christian Schmollinger/Reuters