Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil

U.S. President Donald Trump announced on Sunday that oil from a recent agreement with Venezuela will be used to refill the Strategic Petroleum Reserve, which has been significantly reduced in recent years to address global supply disruptions and soaring fuel prices. In a social media post, Trump described the addition of Venezuelan oil as a "Gift from Venezuela to the People of the United States."

However, it remains uncertain how swiftly the Venezuela deal could supply oil to the reserve or provide any immediate relief to U.S. consumers. The deal, announced by Trump on Friday, aims to revitalize Venezuela's struggling oil industry, but it will necessitate substantial investment and infrastructure development before production can substantially increase.

As of August 21, the reserve contained approximately 290 million barrels, close to a 44-year low, following the United States' depletion of its stockpile during the administrations of both Biden and Trump in response to global supply disruptions, such as Russia's invasion of Ukraine and the conflict with Iran.