Venezuela has come to an agreement with the US to export up to $2.8bn worth of oil, according to US President Donald Trump.

The arrangement aims to redirect Venezuelan crude supply away from China to the US and help Venezuela mitigate further reductions in oil output, reported Reuters.

The deal marks a shift in relations between the two nations. It indicates that Venezuela is willing to accommodate President Trump’s demands for increased access by US oil companies to the Venezuelan oil industry.

Trump has called on Venezuela’s Interim President, Delcy Rodriguez, to open the country’s oil sector fully to US and other private companies, saying they should be given “total access”.

Since mid-December, an export blockade imposed by the Trump administration has left Venezuela unable to move millions of barrels of crude. The unsold oil has instead piled up in tankers and onshore storage facilities.

This blockade was an escalation of US pressure on Venezuelan President Nicolas Maduro's government, which culminated in his capture by US forces last weekend.

Venezuelan officials have denounced Maduro's capture as a kidnapping and accused the US of attempting to usurp the country's substantial oil reserves.

In a social media post, President Trump claimed that Venezuela will transfer between 30 and 50 million barrels (mbbl) of "sanctioned oil" to the US.

He also said: “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!”

US Energy Secretary Chris Wright has been tasked with overseeing the execution of the deal, which involves transferring the oil from tankers directly to US ports.

This agreement may necessitate the redirection of shipments initially intended for China, which has been the largest purchaser of Venezuela's oil over the past decade.

The shift follows sanctions imposed by the US in 2020 on companies involved in Venezuelan oil trade.