Petróleos de Venezuela said the talks were "within the framework of the commercial relations that exist between both countries."

President Donald Trump said Venezuela would relinquish as much as 50 million barrels of oil to the US, worth roughly $2.8 billion at the current market price, announcing the cargoes would be sold with proceeds benefiting both countries.

Venezuela has the largest oil reserves of any country on Earth. But the type of oil it has is difficult, and dirty, to process. Experts say ramping up production would be expensive, and dangerous for the climate and environment.

The Trump administration said it had an agreement with Venezuela’s government, but the country’s state-owned oil company said negotiations were underway.

Oil prices gained slightly on Thursday, rebounding from two days of declines, as a larger-than-expected draw in U.S. crude inventories provided some impetus for investors to buy futures while they monitor developments in Venezuela.

President Donald Trump announces Venezuela will move 30-50 million barrels of oil worth $2.8 billion to U.S. after former President Nicolás Maduro's capture by American forces.

Energy Secretary Chris Wright said the U.S. will control the flow and sale of Venezuela's oil, and the revenue it generates.

Oil prices steadied on Thursday after their recent slide, while stocks were off to a rocky start as investors assessed the implications of deepening geopolitical tensions and mixed U.S. labour market data.