Donald Trump has announced that Venezuela's interim government will "return" between 30 and 50 million barrels of "high-quality" oil to the US.
The oil - worth over $2 billion - will be taken from storage ships and brought directly to US unloading ports, the US president said on Truth Social.
It will be sold at its market price and the money generated from the sales will be controlled by Trump himself, he added, the Telegraph reports.
Energy Secretary Chris Wright has been asked to implement the plan.
Trump has been open about his plans for Venezuela's oil reserves since the capture and arrest of President Nicolas Maduro in a daring American raid in Caracas.
He has suggested that US oil companies could begin work in the country within 18 months, and has threatened Venezuela's interim regime with more military intervention if it does not cooperate.
There is currently only one American multinational oil company in Venezuela - Chevron. Two others, Exxon Mobil and ConocoPhillips, left after Maduro's predecessor, Hugo Chavez, nationalized the oil industry, making them redundant.
Venezuela has the largest reserves of heavy oil in the world, ahead of countries like Canada and Russia.
Last month, the US blocked oil tankers from leaving the country and seized several tankers in international waters as part of efforts to enforce its sanctions on Venezuela's oil industry.
Earlier this evening, reports claimed that executives from US oil companies were expected to visit the White House on Thursday to discuss investments in Venezuela. /Telegraph/
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