Trump Wants To 'Dictate' Venezuela's Oil Sales Indefinitely, Looks To Take Control Of State-Run PDVSA: Report

(MENAFN- Live Mint) The Donald Trump administration on Wednesday said that it will control Venezuela's oil sales“indefinitely” by dictating the country's interim leadership on it, days after it toppled the Nicolas Maduro government.

Trump's reiteration of asserting US dominance over Venezuelan oil comes even as the oil-rich country's interim leader Delcy Rodriguez saying there is no foreign power governing Caracas.

In a media briefing on Wednesday, White House Press Secretary Karoline Leavitt said that the US now has“maximum leverage” over Venezuela's interim authorities.

“We're continuing to be in close coordination with the interim authorities, and their decisions are going to continue to be dictated by the United States of America,” she said.

Also Read | Fear grips Cubans after US unseats Maduro in Venezuela, amid Trump threats

The US military on Sunday arrested Nicolas Madur and his wife in a surprise operation and brought them to New York on drug charges, ending his decades-long rule in Venezuela.

Trump has said the United States will“run” Venezuela, which has the world's largest proven oil reserves.

Meanwhile, the South American country on Wednesday said that at least 100 people were killed in the US bombing in Venezuela and a similar number were injured.

Donald Trump has not given away much about how he plans to control Venezuela but has announced multiple times that his administration will rule the country's oil sector.

Also Read | US seizes Russian-flagged oil tanker after weeks-long pursuit

According to a New York Times interview of the US President published on early Thursday, Trump said that "only time will tell" how long the United States will maintain oversight of Venezuela.

When asked by the Times if it would it be three months, six months, a year or longer, Trump said:“I would say much longer.”

Trump wants to take control of PDVSA: Report

According to a report by The Wall Street Journal, Trump and his advisers are planning an initiative to dominate the Venezuelan oil industry for years to come.

The plan includes a consideration of the US seeking control over Venezuela's state-run oil company PDVSA, the report said citing people familiar with the knowledge of the matter.

Controlling Venezuelan oil could bring crude prices to $50 per barrel, Trump reportedly told his aides.

Also Read | Trump admin warns Venezuela: Cut China, Russia ties; partner with US for oil

Trump's plan to exert dominance on PDVSA includes acquiring and marketing the bulk of the company's oil production, the people quoted by WSJ said.

The report could not be immediately verified as there has been no official announcement yet.

The Trump administration is looking to gain 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, the report added.

Key Takeaways

• The U.S. is seeking to exert control over Venezuela's oil sector through PDVSA.
• Trump's administration views this as a means to leverage oil prices and re-establish U.S. influence in the region.
• The geopolitical implications of U.S. control over Venezuela's resources could reshape relationships with other oil-producing nations.

MENAFN08012026007365015876ID1110571981