Venezuela's state-owned oil company, PDVSA, said Wednesday it is negotiating with the U.S. government to sell crude oil after years of sanctions.

The agreement is a strong sign that the Venezuelan government is responding to Trump’s demand that they open up to U.S. oil companies.

Oil sales from Venezuela will continue indefinitely and U.S. sanctions against Caracas will be reduced, sources close to the White House told CNBC’s Brian Sullivan on Wednesday.