The US has said it will control the sale of sanctioned Venezuelan oil "indefinitely" as it looks to remove restrictions on the country's crude in international markets around the world.
White House officials, the BBC reports, said sales were anticipated to start with between 30 million and 50 million barrels of oil - the revenue from which, around £2.1billion, will be controlled by the US government.
US Energy Secretary Chris Wright said: "We need to have that leverage and control of those oil sales to drive the changes that simply must happen in Venezuela."
He said the US would "let the oil flow", and that money would "flow back into Venezuela", adding: "We are not stealing anyone's oil."
It is not known how much of that revenue will be shared with Venezuela.
Despite White House press secretary Karoline Leavitt saying a deal had been reached, Venezuela's state-run oil company PDVSA has released a statement saying negotiations over oil sales are still ongoing.
It comes after Donald Trump announced on Tuesday that Venezuela would be "turning over" up to 50 million barrels of oil to the US, with the revenue to be used to benefit the people of Venezuela and the US.