Donald Trump plans to use Venezuela’s vast crude reserves to establish control of most of the western hemisphere’s oil in an attempt to drive the market price down to about $50 (£37) a barrel, according to reports.
The US president has repeatedly raised the prospect of producing enough crude from Venezuela’s oilfields to drive down the US oil price from more than $56 a barrel today to about $50 in an effort to cut energy costs for consumers, according to the Wall Street Journal, which cited senior Trump administration officials.
