Donald Trump has announced Venezuela’s interim government will be “turning over” between 30 and 50 million barrels of “high quality” oil to the US.
The oil – worth upwards of $2bn (£1.48bn) – will be taken by storage ships and brought directly to US unloading docks, the president said on Truth Social.
It will be sold at its market price and the money generated from the sales will be controlled by Mr Trump himself, his statement added.
Energy secretary Chris Wright has been asked to execute the plan.
Catch on latest updates on Venezuela and Greenland
Mr Trump has been open about his plans for Venezuela’s oil reserves since the capture and arrest of president Nicolas Maduro in an audacious American raid on Caracas.
He has suggested US oil companies could be up and running in the country within 18 months, and threatened Venezuela’s interim regime with more miliary intervention if it doesn’t cooperate.
Sky’s US partner CNBC separately reported on Wednesday, citing White House sources, that US sanctions governing Venezuelan oil flows could be relaxed.
That emerged as it was confirmed that US authorities had boarded the empty Russian-flagged Marinera tanker in the north Atlantic, citing “sanctions violations”.
A second, apparently China-bound, “dark fleet” tanker called the Sophia was later apprehended in the Caribbean Sea for the same reason.
The seizures seem set to inflame tensions with Russia and China over US control of Venezuelan oil.
The White House confirmed that the president would meet US oil company executives, to discuss opportunities for investment in Venezuela, on Friday.
There is currently only one US multinational oil company in Venezuela – Chevron.
Another two, Exxon Mobil and ConocoPhillips, left after Maduro’s predecessor, Hugo Chavez, nationalised the oil industry, rendering them superfluous.
Venezuela is sitting on the world’s biggest reserves of heavy oil, ahead of the likes of 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.
Reports have claimed that bosses from US oil companies are expected to visit the White House as early as Thursday to discuss investments in Venezuela.
Read more from Sky News:
More heavy snow to hit UK
British troops in Ukraine if peace deal struck
Mr Trump’s announcement came after he boasted about the US military operation in Venezuela during a speech in Washington, describing it as “an amazing military feat”.
A Pentagon official said at least seven US service members were injured during the operation, while Venezuela’s military said at least 24 of its military officers were killed.
Venezuela’s acting president Delcy Rodriguez, who was only sworn in on Monday, said in a televised address that there was “no external agent” governing the country.
Mr Trump’s administration is not only being open about its plans for Venezuela, but also its ambitions for Greenland.
The White House has suggested it would be open to using military force to seize the mineral-rich Arctic territory from NATO ally Denmark.