US President Donald Trump and his administration plan to gain control of Venezuela's state oil company PDVSA to eventually push oil prices to $50 per barrel, The Wall Street Journal reported, citing sources.
The plan being developed by the US administration envisages the US controlling most of PDVSA's oil production and sales, which means Washington would be able to control the production of most of the oil reserves in the Western Hemisphere. Among other things, the US is considering the possibility of creating joint ventures between US companies and PDVSA.
This plan could help the US president achieve his political goal of reducing oil prices to $50 per barrel, which in turn would lower energy prices for American consumers. In addition, Trump and his administration intend to expel Russia and China from Venezuela, the publication points out.
At the same time, the newspaper notes that if the price of oil falls below $50 per barrel, its production will cease to be profitable for many oil companies. Such a price level could also destroy shale oil production in the US.