Trump says US will receive up to 50 million barrels of sanctioned Venezuelan oil

US President Donald Trump has said the United States would receive between 30 million and 50 million barrels of Venezuelan oil currently under sanctions, to be sold at market price.

Trump said on Monday that the oil would be handed over by Venezuela’s transitional authorities and that he would personally oversee the management of the revenues.

"The transitional authorities in Venezuela will deliver between 30 and 50 million barrels of sanctioned oil to Washington," Trump said.

"The oil we receive from Venezuela will be sold at market price, and I will supervise, as president of the United States, the management of its proceeds," he added.

Trump said he had instructed the US energy secretary to implement the plan immediately.

"I ordered the energy secretary to carry out the plan at once," he said, adding that the oil would be transported using storage tankers and shipped to US discharge ports.