Trump: Venezuelan oil will be our gift to fill the U.S. Strategic Petroleum Reserve

U.S. President Donald Trump said on Sunday that oil resulting from a recently concluded agreement with Venezuela would be used to refill the Strategic Petroleum Reserve, whose levels had dropped sharply in recent years to address global supply disruptions and rising fuel prices. Trump added in a social media post that the process of replenishing the reserve would begin soon, describing the Venezuelan oil as “a gift from Venezuela to the American people.” The agreement, announced by Trump on Friday, aims to revive Venezuela’s heavily damaged oil sector, but it will require significant investments and infrastructure work before production rises substantially. The reserve held about 290 million barrels as of August 21, nearing its lowest level in 44 years, after the United States drew down its stockpiles during the administrations of Joe Biden and Trump in response to global supply disruptions, including the fallout from Russia’s invasion of Ukraine and tensions with Iran.