Trump: US to refill Strategic Petroleum Reserve with Venezuelan crude - Sarmad

U.S. President Donald Trump said on Sunday, August 30, that oil resulting from a recently reached agreement with Venezuela would be used to replenish 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 today that the process of “refilling” the reserve would begin soon, describing the Venezuelan oil as “a gift from Venezuela to the people of the United States.”

It remained unclear how quickly oil would become available for the reserve under the agreement with Venezuela, or whether it would provide any near-term benefits to U.S. drivers.

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.

As of August 21, the reserve held about 290 million barrels, nearing its lowest level in 44 years, after the United States drew down its stockpiles under the administrations of Joe Biden and Donald Trump in response to global supply disruptions, including Russia’s invasion of Ukraine and the war with Iran.