Venezuela's state-run oil company says it is advancing talks with US on oil sales

Venezuela's state-run oil company PDVSA said Wednesday that was engaged in negotiations with the US for the sale of oil.

"This process is being carried out under schemes similar to those currently in place with international companies such as Chevron, and is based on a strictly commercial transaction, adhering to principles of legality, transparency, and mutual benefit," the company said in a statement.

The company underscored its commitment to building alliances that support national development and contribute to global energy stability.

President Donald Trump on Tuesday announced that interim authorities in Venezuela had agreed to transfer between 30 million and 50 million barrels of sanctioned oil to the US to be sold at market price.

The White House later said Trump would hold a meeting with oil executives on Friday to discuss possible involvement in Venezuela's oil sector.

"The US is selectively rolling back sanctions to enable the transport and the sale of Venezuelan crude and oil products to the global markets," spokeswoman Karoline Leavitt said.