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Trump announces that the US Strategic Petroleum Reserve will be refilled with Venezuelan oil

U.S. President Donald Trump announced 'on Sunday' that oil from the recently negotiated deal with Venezuela will be used to replenish the Strategic Petroleum Reserve. This reserve has been depleted in recent years due to global supply disruptions, and high fuel prices.

Trump stated in a post on social media that the "topping-out" process would begin soon, and described the Venezuelan oil as a gift from Venezuela to "the People of the United States."

The speed at which the Venezuela deal could deliver oil to the reserves or provide any immediate benefit to U.S. drivers is not clear. The agreement Trump announced Friday is intended to revive Venezuela's battered oil industry. However, it will take significant investment and infrastructure improvements before production can increase substantially.

As of August 21, the reserve contained about 290 million 'barrels. This is a 44-year-low after the United States reduced its stockpiles under the Biden and Trump Administrations to respond to global supply disruptions.

(source: Reuters)