U.S. President Donald Trump said on Tuesday that interim authorities in Venezuela "will be turning over" 30 million to 50 million barrels of "sanctioned oil" to the United States.

In a post on Truth Social, Trump said the oil will be sold at market price, and the proceeds will be controlled by him as the U.S. president, claiming that the arrangement is to ensure the money "is used to benefit the people of Venezuela and the United States."

Trump, along with U.S. Energy Secretary Chris Wright, will meet with oil company executives at the White House this Friday to discuss ways to revive Venezuela's tattered oil sector.

(With input from Reuters)