The agreement is a strong sign that the Venezuelan government is responding to Trump's demand that they open up to US oil companies or risk more military intervention. Trump has said he wants interim President Delcy Rodriguez to give the US and private companies "total access" to Venezuela's oil industry.
Venezuela has millions of barrels of oil loaded on tankers and in storage tanks that it has been unable to ship due to a blockade on exports imposed by Trump since mid-December.
The blockade was part of rising US pressure on the government of Venezuelan President Nicolas Maduro that culminated in US forces capturing him this weekend. Top Venezuelan officials have called Maduro's capture a kidnapping and accused the US of trying to steal the country's vast oil reserves.
Venezuela will be "turning over" between 30 and 50 million barrels of "sanctioned oil" to the US, Trump said in a social media post on Tuesday.
"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!," he added.
US Energy Secretary Chris Wright is in charge of executing the deal, Trump said, adding that the oil will be taken from ships and sent directly to US ports.
Supplying the trapped crude to the US could initially require reallocating cargoes originally bound for China, two sources had told Reuters earlier on Tuesday.
The Asian country has been Venezuela's top buyer in the last decade and especially since the United States imposed sanctions on companies involved in oil trade with Venezuela in 2020.
"Trump wants this to happen early so he can say it is a big win," an oil industry source said.
Venezuelan government officials and PDVSA did not provide comment.
US crude prices fell more than 1.5 per cent after Trump's announcement, with the agreement expected to increase the volume of Venezuelan oil exported to the US.
That flow of oil is currently controlled entirely by Chevron , PDVSA's main joint venture partner, under a US authorisation.
