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 Sunday that oil from a new deal with Venezuela would be used to replenish the Strategic Petroleum Reserve, which has fallen to a 44-year low of about 290 million barrels. The agreement, signed on Friday, aims to revive Venezuela's oil industry, with interim President Delcy Rodriguez stating it would target an increase to 1.5 million barrels per day and preserve the country's sovereignty over its natural resources.
The deal is expected to generate about $209 billion in revenue for Venezuela over 25 years, with roughly $19 per barrel flowing directly to the government. However, it will require significant investment and infrastructure work before production can substantially increase.
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- Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil myjoyonline.com
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- Trump pledges to refill US strategic reserves with Venezuelan oil english.ajel.sa
- Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil channelnewsasia.com
- Trump says US will refill its petroleum reserves using Venezuelan oil aljazeera.com
