Trump wants Venezuela’s oil to fill US empty vault

President Donald Trump announced on Sunday that the United States will utilize Venezuelan oil to refill its Strategic Petroleum Reserve (SPR), which has reportedly been "virtually emptied" during the Joe Biden administration. He stated that this replenishment process would begin shortly, describing the oil as a "Gift from Venezuela to the People of the United States."

The Strategic Petroleum Reserve, the world's largest emergency crude oil stockpile, is maintained by the US government to protect the economy against major disruptions in oil supply. Trump has previously criticized the drawdown of the reserve and has pledged to refill it.

The move comes amid a changing approach of the US towards Venezuela, a country rich in proven crude oil reserves. The US has alternated between imposing sanctions on the country and easing restrictions to allow certain oil transactions.

Earlier, Trump announced an agreement with Venezuela, touted as "THE BIGGEST OIL DEAL IN WORLD HISTORY." The deal, which if fully realized, could grant America access to vast amounts of Venezuela's untapped oil reserves at cost. The agreement involves the development of 17 oil fields with a potential of 65 billion barrels. It also forecasts $100 billion in investment into Venezuela's oil industry, resulting in over $209 billion in taxes for Caracas.

According to an AP report, the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and Venezuelan Acting President Delcy Rodríguez. Under this deal, the United States will have 55% effective output of the new company, including an ownership stake and the right to buy oil at cost. This company would be the second-largest corporate holder of proven reserves after Saudi Aramco.