Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil
The US reserve sits near a 44-year low at about 290 million barrels as a new Venezuela deal seeks to lift crude supply.
U.S. President Donald Trump announced on Sunday that oil from a recent deal with Venezuela will be used to replenish the Strategic Petroleum Reserve, which has fallen to a 44-year low of approximately 290 million barrels. The deal aims to revive Venezuela's struggling oil industry and increase crude production to 1.5 million barrels per day.
While the exact timeline for oil delivery is unclear, the agreement could generate an estimated $209 billion in revenue for Venezuela if crude prices remain around $65 per barrel. The deal also preserves Venezuela's sovereignty over its natural resources while providing capital, technology, and operational expertise to support the industry's recovery.
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- Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil channelnewsasia.com
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