Trump vows to 'rebuild' Venezuelan oil industry and says agreement met for US to 'begin refining 50 million barrels'
The US President also said he was "getting along very well" with the country's new leaders following the capture of Nicolas Maduro
Donald Trump has vowed to "rebuild" Venezuela's oil industry after revealing the country have handed the 30 million barrels worth $4 billion to the US.
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Addressing oil bosses in the White House, the President said the money would be used mostly for the US, and "some" for Venezuela.
Mr Trump said: "We're going to discuss how these great American companies can help rapidly rebuild Venezuela's dilapidated oil industry and bring millions of barrels of oil production to benefit the United States, the people of Venezuela and the entire world.
"If you look at it, we're taking back what was taken from us. They took our oil industry.
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"Venezuela has also agreed that the US will immediately begin refining and selling up to 50 million barrels of Venezuelan crude oil, which will continue indefinitely."
However, no time frame was given during the address.
He said that the US took $4 billion [£2.8bn] worth of oil from Venezuela yesterday, equating to 30 million barrels.
Around a dozen oil executives were in attendance as Mr Trump addressed the cameras alongside senior administrators.
The President added that the US was "open for business" to Russia and China, who he claims would have intervened with Venezuela had the US not.
The President told the bosses that Trump the US will decide which companies will be granted access to extract oil in Venezuela.
"You're dealing with us directly. You're not dealing with Venezuela at all," he told them.
It comes days after Venezuela's leader Nicolas Maduro was captured by US forces and brought before a New York court on drugs and weapons charges.
When asked of a second wave of attacks on the country could be possible, Mr Trump said: "We are getting along so well with the people that are involved in representing Venezuela that I don't think we're going to have any.
"I don't think it's going to be necessary to do the second wave."
Mr Trump announced that the US would "run" the South American country until there could be a "proper transition" of power.
Also speaking during the meeting on Friday, Vice President JD Vance said the mission to capture Nicolas Maduro was "an amazing operation."
He added: "It's going to make our country richer. It's going to make our country more powerful."