Donald Trump reportedly devised a plan to leverage Venezuela's extensive crude oil reserves to manipulate U.S. oil prices, aiming for a target of $50 per barrel. The strategy, as reported by the Wall Street Journal citing senior administration officials, sought to alleviate domestic consumer energy costs by increasing crude production from Venezuelan oilfields.

The initiative aimed to reduce the U.S. oil price from its current level of over $56 a barrel. Trump stipulated that Venezuela would be required to use profits from any oil sales to the U.S. exclusively for purchasing American-made goods.

The prospect of increased Venezuelan oil production introduced further uncertainty into global oil markets, which had already experienced significant losses due to an oversupply of crude in recent years. Prices had previously slumped by nearly 20%, highlighting the sensitivity of the market to supply fluctuations.

Venezuela holds some of the largest proven oil reserves globally, but its production has been hampered by economic instability, mismanagement, and U.S. sanctions. Any significant increase in Venezuelan output would require substantial investment and a stable political environment, factors currently absent.

The feasibility of Trump's plan hinged on overcoming these challenges and establishing a reliable supply chain. The long-term market impact would depend on the scale of Venezuelan production and the willingness of other OPEC nations to adjust their output accordingly. The plan's success was also contingent on Venezuela's adherence to the condition of using oil revenues solely for U.S. goods, a factor that could influence trade relations and geopolitical dynamics.