Donald Trump, the President of the United States, announced on Sunday, August 30, that the United States plans to use Venezuelan oil to refill its strategic oil reserves.
In a post on the social media platform Truth Social, Trump said the process of refilling the US oil reserves would begin soon and described Venezuelan oil as a “gift from Venezuela to the people of the United States.”
The remarks came one day after Trump announced a broad oil agreement between the United States and Venezuela. According to Reuters, the agreement would give the United States access to and control over the majority of Venezuela’s more than 65 billion barrels of proven oil reserves through partnerships with the private sector.
Venezuelan officials said the agreement covers the development of 17 oil fields and aims to increase the country’s oil production to around 1.5 million barrels per day. However, experts have warned that rebuilding Venezuela’s aging oil infrastructure and significantly increasing production will require investment and time; therefore, the exact timing of when Venezuelan oil will enter the US Strategic Petroleum Reserve remains unclear.
Reuters reported that the US Strategic Petroleum Reserve currently holds around 290 million barrels, a level considered the lowest since the early 1980s. The reserves have been drawn down by successive US administrations in recent years in response to supply crises and rising fuel prices.
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