Trump says US will refill its petroleum reserves using Venezuelan oil
President Donald Trump says in a post that the 'topping out' process will begin shortly. United States President Donald Trump has said on social media that oil from a recently struck deal with Venezuela will be used to replenish the US Strategic Petroleum Reserve, an oil stockpile that the country keeps for emergencies and that has been drawn down sharply in recent years to respond to global supply disruptions and high fuel prices.
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Key Facts
- Fact 1: The US reserve held about 290 million barrels as of August 21, near a 44-year low, after the US drew down its stockpile under both the Biden and Trump administrations in response to global supply disruptions, including Russia’s invasion of Ukraine and the current US-Israel war on Iran.
- Fact 2: The “historic” deal with Washington to hand over 65 billion barrels of Venezuelan oil will last 25 years and allow Venezuela to develop its oil industry while preserving “ownership of and sovereignty” of its resources, Venezuela’s interim President Delcy Rodriguez said in a televised address on Saturday.
- Fact 3: The project envisages the development of 17 strategic oilfields with an initial production target of 1.5 million barrels per day, she said.
- Fact 4: Under the deal, $19 from every barrel of oil produced and sold to the US will flow to Caracas, an arrangement that could be worth $209bn per year to Venezuela, depending on oil prices, Rodriguez said.
President Donald Trump says in a post that the 'topping out' process will begin shortly. United States President Donald Trump has said on social media that oil from a recently struck deal with Venezuela will be used to replenish the US Strategic Petroleum Reserve, an oil stockpile that the country keeps for emergencies and that has been drawn down sharply in recent years to respond to global supply disruptions and high fuel prices.
The US president wrote on Truth Social, the social media platform he owns, that the reserve had been made “virtually” empty, while blaming former US President Joe Biden. What’s behind the US deal to seize control of Venezuelan oil reserves? Venezuela says it retains ‘sovereignty’ following US oil deal Delcy Rodriguez says Venezuela ‘retains sovereignty’ despite US oil deal Trump said in the post that the “topping out” process will begin shortly, describing the Venezuelan oil as a “Gift from Venezuela to the People of the United States”.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
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Original source: Al Jazeera