US President Donald Trump has said Venezuela will be turning over up to 50 million barrels of oil - worth about $2.8bn (£2.1bn) - to the US, after a military operation to remove President Nicolás Maduro from power.
The oil will be sold at its market price, Trump posted on social media, adding he would control the money raised and use it to benefit the people of Venezuela and the US.
His comments come after he said the US oil industry would be up and running in Venezuela within 18 months and that he expected huge investments to pour into the country.
Analysts previously told the BBC it could take tens of billions of dollars, and potentially a decade, to restore Venezuela's former output.
China, which has been the biggest buyer of Venezuelan oil in recent years, has condemned Trump's announcement as well as the US's reported demands that Venezuela gives its oil exclusively to them.
ABC News has reported, citing unnamed sources, that Trump had told Rodríguez to agree to an exclusive partnership with the US on oil production, and sever economic ties with China, Russia, Iran and Cuba.
Trump posted on Truth Social on Tuesday: I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.
This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!
His comment came a day after Delcy Rodríguez, formerly Venezuela's vice-president, was sworn in as its interim president. Maduro has been brought to the US to face drug-trafficking and weapons charges.
On Monday the US president told NBC News: Having a Venezuela that's an oil producer is good for the United States because it keeps the price of oil down.
Representatives from major US petroleum companies planned to meet the Trump administration this week, the BBC's US partner CBS reported.
Trump has argued in recent days that American oil companies can fix Venezuela's oil infrastructure.
The country has an estimated 303 billion barrels - the world's largest proven reserve - but its oil production has been in decline since the early 2000s.
The Trump administration sees significant potential for its own energy prospects in Venezuela's reserves.
While justifying the seizure of Maduro from Caracas, Trump also claimed that Venezuela unilaterally seized and stole American oil.
The reality is more complex. US oil companies have a long history in Venezuela, extracting oil under licence agreements. Venezuela nationalised its oil industry in 1976 and in 2007, President Hugo Chavez exerted more state control over the remaining foreign-owned assets of US oil firms operating in the country.
Chinese foreign ministry spokesperson Mao Ning condemned the US's actions, stating they violate international law and infringe upon Venezuela's sovereignty. As global attention turns to Trump’s controversial plan, analysts remain skeptical about the implications for the international oil market.
