Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil
US President Donald Trump said on Sunday that oil from a recently struck deal with Venezuela will be used to replenish the Strategic Petroleum Reserve, which has been drawn down sharply in recent years to respond to global supply disruptions and high fuel prices. Trump said in a social media post that the “topping out” process will begin shortly, describing the Venezuelan oil as a “Gift from…
US President Donald Trump announced on Sunday that oil from a recent deal with Venezuela will be used to refill the Strategic Petroleum Reserve. This reserve, which has been significantly reduced in recent years due to global supply disruptions and high fuel prices, currently holds about 290 million barrels, near a 44-year low. Trump described the Venezuelan oil as a "Gift from Venezuela to the People of the United States" in a social media post.
He added that the process of "topping out" the reserve will begin shortly. However, it remains uncertain how quickly the Venezuela deal could provide oil for the reserve, and whether it will offer any immediate relief to US motorists. The agreement, announced on Friday, aims to revive Venezuela's struggling oil industry, but it will require substantial investment and infrastructure improvements before production can increase significantly.
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- Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil freemalaysiatoday.com
