Trump: Venezuelan oil to be used to fill up ‘virtually emptied’ U.S. reserves

U.S. President Donald Trump has announced that oil extracted under a historic deal with Venezuela will be utilized to replenish the country's Strategic National Reserves, which have been significantly depleted under the Biden administration. In a post on his Truth Social platform, Trump stated that the U.S. will gain majority control over 65 billion barrels of Venezuelan crude as part of the deal, which was announced on Friday.

The current U.S. reserve holds only 289.7 million barrels, representing just 40% of its capacity following drawdowns under both Trump and Biden administrations. Trump emphasized that the process of replenishing the reserves will commence shortly, describing it as a gift from Venezuela to the people of the United States. This deal is anticipated to establish the world's second-largest private oil company in terms of reserves, ensuring a decades-long supply for the U.S.