Trump says Venezuela will be 'turning over' up to 50 million barrels of oil to US

Earlier the president said US oil firms could be "up and running" in the country within 18 months.

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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.