Trump said that the United States would replenish its strategic oil reserve with Venezuelan oil
Kyiv • UNN
Donald Trump said that the United States would use Venezuelan oil to replenish its strategic reserve. It currently contains about 290 million barrels.
U.S. President Donald Trump said Sunday that oil from the recently concluded deal with Venezuela will be used to replenish the U.S. Strategic Petroleum Reserve, whose stockpiles have declined sharply in recent years in response to disruptions in global supplies and high fuel prices. Reuters reports, UNN writes.
Details
Trump said on Truth Social that the United States would begin replenishing the Strategic Petroleum Reserve with Venezuelan oil in the near future, calling it a "gift from Venezuela to the American people."
As the publication notes, it is currently unclear how quickly the deal with Venezuela will be able to supply the reserve with oil or benefit American motorists in the near term. The agreement, which Trump announced on Friday, is aimed at restoring Venezuela's battered oil industry, but significant investment and infrastructure restoration work will be required before production can be substantially increased.
As of August 21, the reserve held approximately 290 million barrels of oil — nearly its lowest level in 44 years. The United States reduced its stockpiles under both the administrations of Joe Biden and Donald Trump in response to disruptions in global supplies, including those caused by Russia's invasion of Ukraine and the conflict with Iran.