A barrel for $50. The US negotiates over Venezuelan oil

US President Donald Trump is reportedly considering taking control of Venezuela's state oil company PDVSA. The aim of this initiative is to push oil prices down to $50 per barrel.

According to the Wall Street Journal, Washington wants to gain access to Venezuelan oil through joint ventures with companies such as Chevron.

PDVSA has confirmed that negotiations are underway, but says the US will have to accept international prices. The White House has not yet commented on the plan.

On Tuesday, the US also announced an agreement with Caracas on access to oil worth $2 billion, which may indicate that Venezuela is willing to cooperate, albeit under pressure.

Trump warned that if the country does not open up to American companies, it risks further military intervention.

(reuters, pir)