Trump to allocate Venezuelan oil to replenish US strategic reserve
US President Donald Trump has stated this Sunday that he will dedicate part of the oil that will be extracted in Venezuela under the recent agreement reached with the Venezuelan Government for one-fifth of the Caribbean country's oil reserves.
US President Donald Trump has announced that the US will tap into Venezuela's oil reserves as part of a recent agreement. Under the deal, the US will have majority control of over 65,000 million barrels of Venezuela's proven oil reserves, which is one-fifth of the country's total. Trump claims that this will help refill the US' National Strategic Reserve, which is currently virtually empty, and that it will be done at no cost to American taxpayers.
The move comes as the US Strategic Petroleum Reserve is at around 41% capacity, its lowest level in over four decades, and amid rising gasoline prices. Venezuela has the world's largest proven oil reserves, estimated at over 300,000 million barrels.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
