US President Donald Trump is reportedly considering an initiative to gain control of Venezuela's state-run oil company, PDVSA, with the aim of reducing oil prices to $50 a barrel.

The plan, still under consideration, involves the US acquiring and marketing the majority of PDVSA's oil production, which could potentially strengthen US influence over the Venezuelan oil sector, as per a report in the Wall Street Journal.

The publication cited sources familiar with the discussions who suggest that the US is looking into a deal to purchase and distribute PDVSA's oil, possibly via collaborations with major oil companies like Chevron.

Earlier, PDVSA confirmed its ongoing negotiations with the US regarding oil sales.

A board member disclosed to Reuters that the US is expected to purchase cargoes at international market rates.

The US recently announced an agreement with Venezuela that gives the former access to up to $2bn in Venezuelan crude oil, indicating that Venezuelan authorities are heeding to Trump’s demand to allow greater involvement by US oil companies or face the possibility of increased military action.

This arrangement is intended to redirect Venezuelan crude away from China towards the US, aiming to alleviate Venezuela's declining oil output.

An export blockade imposed by the Trump administration since mid-December has impeded Venezuela from exporting millions of barrels of crude, resulting in a backlog of unsold crude both offshore and in storage facilities.

Last weekend, Venezuela’s president, Nicolás Maduro, was captured by US forces, further straining relations between the two countries.