Venezuela has the largest oil reserves of any country on Earth. But the type of oil it has is difficult, and dirty, to process. Experts say ramping up production would be expensive, and dangerous for the climate and environment.

Petróleos de Venezuela said the talks were "within the framework of the commercial relations that exist between both countries."

President Donald Trump said Venezuela would relinquish as much as 50 million barrels of oil to the US, worth roughly $2.8 billion at the current market price, announcing the cargoes would be sold with proceeds benefiting both countries.

Oil prices steadied on Thursday after two days of declines as investors assessed a large stock build in U.S. fuel inventories while also monitoring developments in Venezuela.

The U.S. carried out operations Wednesday to seize two Venezuela-linked tankers, and Secretary of State Marco Rubio said the U.S. has "tremendous leverage" over the country.

The Trump administration said it had an agreement with Venezuela’s government, but the country’s state-owned oil company said negotiations were underway.

Trump has directed Energy Secretary Chris Wright to carry out his plan for the oil to be taken by storage ships and transported to the U.S.

By Idrees Ali, Phil Stewart and Marianna Parraga WASHINGTON, Jan 7 (Reuters) - The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as

The pursuit of the tanker Marinera comes as the U.S. continues pouring aviation assets into the U.K. ahead of a potential boarding effort.

Increased supply from Venezuela could help drivers at the pump—but it might strain the industry.