Venezuela’s government-in-waiting will allow foreign private oil companies a greater stake in joint ventures with its state-owned oil giant, Juan Guaido’s envoy to the US has said.

Currently, Venezuela’s socialist government has requirements that Petroleos de Venezuela (PDVSA) keep a controlling stake in any joint ventures with other energy companies.

But Carlos Vecchio, a representative for National Assembly leader Mr Guaido, who has been recognised by the US as the interim leader of Venezuela, told Bloomberg Mr Guaido's government would look to open up the economy to increase oil production.

“The majority of the oil production that we want to increase will be with the private sector,” he said on Monday.

Venezuela under Mr Guaido would honour all “legal” and “financial” debt, Mr Vecchio said, but suggested it may not honour debt agreements signed by the current regime under Nicolas Maduro in which the country pays creditors with oil.

The UK, US, Canada and several Latin American and EU countries have disavowed Mr Maduro over his disputed re-election last year and recognised Mr Guaido, the national assembly president, as the country’s rightful leader.

Mr Maduro, who has overseen an economic collapse and the exodus of millions of Venezuelans, is still backed by Russia, China and Turkey, and has the critical support of the military.

Amid an escalating row between countries who support Mr Maduro and those who oppose him, Donald Trump over the weekend raised the prospect of sending US troops to the South American country.

Venezuela protests: thousands rally against government Show all 18 1 /18 Venezuela protests: thousands rally against government Venezuela protests: thousands rally against government Protesters clash with the Bolivarian National Police during a demonstration against the government of the Venezuela and president Nicolas Maduro in Caracas on 23 January 2019 EPA Venezuela protests: thousands rally against government Demonstrators cheer as Venezuela's National Assembly head Juan Guaido declares himself the country's "acting president" at a rally in Caracas AFP/Getty Images Venezuela protests: thousands rally against government Opposition supporters take part in a rally against Venezuelan President Nicolas Maduro's government REUTERS Venezuela protests: thousands rally against government Opposition supporters take part in a rally against Venezuelan President Nicolas Maduro's government in Caracas REUTERS Venezuela protests: thousands rally against government Juan Guaido, head of Venezuela's opposition-run congress, declares himself interim president of the nation until elections can be held during a rally in Caracas demanding leader Nicolas Maduro's resignation AP Venezuela protests: thousands rally against government Opposition supporters carry letters to form the word "Democracy" while taking part in a rally against Venezuelan President Nicolas Maduro's government REUTERS Venezuela protests: thousands rally against government Police watch over marching anti-government protesters in Caracas EPA Venezuela protests: thousands rally against government A vehicle is overturned as opposition demonstrators block a road during a protest against the Venezuelan government AFP/Getty Images Venezuela protests: thousands rally against government A National Police officer fires rubber bullets during a protest against Venezuelan President Nicolas Maduro's government in Caracas REUTERS Venezuela protests: thousands rally against government A demonstrator throws back a gas canister while clashing with security forces during a rally against Venezuelan President Nicolas Maduro's government in Caracas REUTERS Venezuela protests: thousands rally against government Security forces look on after clashing with opposition supporters participating in a rally against Venezuelan president Nicolas Maduro's government REUTERS Venezuela protests: thousands rally against government Demonstrators during a protest against the government of Nicolas Maduro at Plaza Altamira in Caracas Getty Images Venezuela protests: thousands rally against government Demonstrators during a protest against the government of Nicolas Maduro at Plaza Altamira in Caracas Getty Images Venezuela protests: thousands rally against government epa07313731 Opponents of Chavism demonstrate against the Government of President Nicolas Maduro in Caracas, Venezuela, 23 January 2019. Chavists and opponents are again demonstrating in the streets of the country to support or question the legitimacy of the head of state, which the Parliament and a large part of the international community do not recognize. EPA/CRISTIAN HERNANDEZ CRISTIAN HERNANDEZ EPA Venezuela protests: thousands rally against government Riot police clash with opposition demonstrators during a protest against the government of President Nicolas Maduro on the anniversary of the 1958 uprising that overthrew the military dictatorship, in Caracas on January 23, 2019. - Venezuela's National Assembly head Juan Guaido declared himself the country's "acting president" on Wednesday during a mass opposition rally against leader Nicolas Maduro. (Photo by YURI CORTEZ / AFP)YURI CORTEZ/AFP/Getty Images YURI CORTEZ AFP/Getty Images Venezuela protests: thousands rally against government The remains of a statue of Venezuela's late President Hugo Chavez is seen hanging from a pedestrian bridge after it was destroyed in San Felix, Venezuela REUTERS Venezuela protests: thousands rally against government Riot police on motorcycles clash with opposition demonstrators during protests in Caracas AFP/Getty Images Venezuela protests: thousands rally against government Supporters celebrate Juan Guaido declaration that he is Venezuelan president EPA

Russia soon responded, warning against “destructive meddling” by the international community.

US national security advisor John Bolton announces Venezuela sanctions