Trump Administration Eyes Control of Venezuela’s Oil Industry to Push Prices Toward $50 a Barrel

The Trump administration is reportedly developing a far-reaching plan to exert long-term influence over Venezuela’s oil industry, with the strategic goal of lowering global crude prices to around $50 per barrel, according to a Wall Street Journal report published Thursday. The initiative is said to focus on gaining leverage over Petróleos de Venezuela SA (PdVSA), the country’s state-run oil company, which has long been central to Venezuela’s economy and global energy markets.

Sources cited in the report indicate that former President Donald Trump told aides that controlling Venezuelan oil output could significantly impact global oil prices, aligning with his broader objective of reducing energy costs to fight inflation and bolster political support among voters. By influencing production and exports from Venezuela, the United States could potentially gain control over a substantial portion of oil supplies in the Western Hemisphere while also limiting crude flows to China, one of Venezuela’s key buyers.

Trump recently claimed that Venezuela agreed to hand over between 30 million and 50 million barrels of oil to the United States, with Washington overseeing the revenue generated from those sales. This statement followed reports of a U.S. military incursion into Venezuela that allegedly led to the capture of President Nicolás Maduro, a development that, if realized, would mark a dramatic shift in U.S.–Venezuela relations and global geopolitics.

In the aftermath, Trump reportedly suggested that Washington would take control of Venezuela’s oil sector and invited major U.S. energy companies to invest in the country. Chevron has emerged as a key player in these discussions, as it remains the only U.S. oil major with existing operations in Venezuela despite long-standing sanctions.

Oil prices fell sharply following news of the U.S. action, as markets reacted to the possibility that Venezuela’s vast oil reserves could re-enter global supply chains. Analysts warned that an influx of Venezuelan crude could exacerbate fears of a supply glut in 2026, further pressuring prices. The unfolding situation highlights how U.S. policy toward Venezuela could reshape energy markets, oil prices, and geopolitical dynamics for years to come.