"The interim authorities in Venezuela will hand over between 30 and 50 million barrels of high-quality, sanctioned oil to the United States," Trump writes on his Truth Social platform.
The US president states that he has asked Energy Secretary Chris Wright to implement the plan "immediately" and for the oil to be brought to ports in the US.
"This oil will be sold at market price, and the money will be controlled by me as President of the United States to ensure it is used for the benefit of the people of Venezuela and the United States."
Bloomberg estimates the value of the oil at up to $2.8 billion, which corresponds to just over SEK 25 billion.
Venezuela has the world's largest proven crude oil reserves, but accounts for less than 1 percent of global supply, according to Bloomberg. The country is currently estimated to have large stocks of oil that have not been able to be exported due to the US blockade.
