Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil
The US president said the 'topping out' process will begin shortly, describing the Venezuelan oil as a 'Gift from Venezuela to the People of the United States'.
In a recent announcement, US President Donald Trump revealed a deal to bring Venezuelan oil back into the country's Strategic Petroleum Reserve. The reserve, which had dwindled to near a 44-year low of 290 million barrels, has been actively reduced by the administrations of both Biden and Trump due to global supply disruptions, including Russia's invasion of Ukraine and the conflict with Iran.
Trump highlighted that the Venezuelan oil would be used to refill the reserve, describing it as a "Gift from Venezuela to the People of the United States." However, it remains uncertain how swiftly the deal could provide oil for the reserve and whether it would offer any immediate benefits to US motorists. The agreement, announced on Friday, aims to rejuvenate Venezuela's struggling oil industry, but it necessitates substantial investment and infrastructure improvements before production can significantly increase.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil freemalaysiatoday.com
- Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil brecorder.com
- Trump pledges to refill US strategic reserves with Venezuelan oil english.ajel.sa
