In a statement posted on his Truth Social platform on Tuesday, Trump said the oil would be transported by storage ships to US ports and sold at market prices.
He added that he would oversee the revenues to ensure they benefit both the American and Venezuelan people, and said he had instructed Energy Secretary Chris Wright to implement the plan 'immediately'.
Trump's announcement follows his earlier pledge to 'take back' Venezuela's oil resources and revive the country's struggling energy sector, in the wake of his administration's abduction of Venezuelan President Nicolas Maduro.
Energy analysts say the impact of the proposed transfer remains unclear. Mark Finley, an energy expert at the Baker Institute in Texas, said the significance depends on the timeframe involved.
'Thirty to 50 million barrels over what time frame? That'll be key to assessing the significance of this,' Finley told Al Jazeera, noting that the volume would be substantial over a month but marginal if spread across a year.
Scott Montgomery, a global energy expert at the University of Washington, also questioned Trump's assertion that he would control oil revenues.
'I have no real idea about how Trump might distribute the cash. There's not much of a precedent for this kind of thing,' Montgomery told Al Jazeera.
Trump has claimed US oil companies are ready to invest billions of dollars to rebuild Venezuela's oil infrastructure, though major firms such as ExxonMobil, Chevron and ConocoPhillips have not publicly commented. US media reports say company representatives are expected to meet Trump later this week.
Analysts caution that restoring Venezuela's oil production to its 1990s peak of more than three million barrels per day would require years of work and massive investment. Rystad Energy estimates about $110bn would be needed to raise output to around two million barrels per day.
Once a leading global oil producer, Venezuela now accounts for less than one percent of global supply, following years of sanctions, mismanagement, corruption and underinvestment under former presidents Hugo Chavez and Nicolas Maduro.
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