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.
US President Donald Trump announced on August 30 that oil from a recently agreed deal with Venezuela would be used to replenish the Strategic Petroleum Reserve, which had fallen to a 44-year low of 290 million barrels. The reserve, located near Houston, Texas, has been depleted in recent years to counter global supply disruptions and rising fuel prices.
The deal, which includes an initial production target of 1.5 million barrels per day, aims to revive Venezuela's oil industry and generate approximately $209 billion in revenue for the Venezuelan state. Interim Venezuelan President Delcy Rodriguez praised the 25-year agreement as a historic deal that would boost the economy and government revenue while preserving the country's sovereignty over its natural resources.
However, the agreement's full benefits for US motorists are uncertain due to potential delays in ramping up production and fluctuations in crude prices.
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