Trump said the money would be controlled by him and it would be used to benefit the people of Venezuela and the US.

In his Truth Social page, Trump said: "I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America."

"This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States," the President said.

"I have asked Energy Secretary Chris Wright to execute this plan, immediately. It will be taken by storage ships, and brought directly to unloading docks in the United States. Thank you for your attention to this matter," he said.

According to reports, Venezuela sits on about a fifth of the world's oil reserves.

Meanwhile, deposed Venezuelan leader Nicolas Maduro pleaded not guilty to federal drug trafficking charges in a U.S. court on Monday, declaring himself “innocent” and claiming that he had been kidnapped by the American military.

“I’m innocent. I am not guilty. I am a decent man, the president of my country,” Maduro told the judge during his first appearance in a U.S. courtroom.

Maduro and his wife were captured by the US special forces during a stunning raid in Caracas recently.

Maduro, wearing a blue jail uniform, appeared alongside his wife for the brief procedural hearing, marking the formal start of what is expected to be a prolonged legal battle over whether he can be tried in the United States.

Both used headsets to follow the proceedings through Spanish translation.

The former Venezuelan president was transported under heavy security from a Brooklyn detention facility early Monday morning.

Maduro faces narco-terrorism and drug trafficking charges that the Trump administration cited as justification for his capture in Caracas and transfer to New York.