New Delhi, Jan. 7 -- President Donald Trump said Tuesday that Venezuela would be providing 30 million to 50 million barrels of oil to the U.S., and he pledged to use proceeds from the sale of this oil "to benefit the people" of both countries.

The White House is organizing a meeting Friday with U.S. oil company executives to discuss Venezuela, which the Trump administration has been pressuring to open its vast-but-struggling oil industry more widely to American investment and know-how. Representatives of Exxon, Chevron and ConocoPhillips are expected to attend the White House meeting, according to a person familiar with the matter who requested anonymity to discuss the plans.

Earlier Tuesday, officials in Caracas announced that at least...