Trump says US will refill its petroleum reserves using Venezuelan oil
Summary
President Donald Trump announced a deal to use Venezuelan oil to refill the United States Strategic Petroleum Reserve, an emergency stockpile of oil. The agreement aims to help Venezuela rebuild its oil industry while the US secures more oil supplies.Key Facts
- President Trump said the US Strategic Petroleum Reserve will be refilled using Venezuelan oil.
- The reserve currently holds about 290 million barrels, near a 44-year low.
- The deal with Venezuela will last 25 years and allows Venezuela to keep ownership of its oil resources.
- Venezuela plans to develop 17 major oilfields and increase production to 1.5 million barrels per day.
- For every barrel sold to the US, Venezuela will receive $19, possibly earning up to $209 billion a year depending on oil prices.
- The agreement includes investments and technology to help Venezuela’s oil industry recover from sanctions.
- The deal was announced on social media by President Trump on Truth Social.
- Venezuela’s interim President Delcy Rodriguez said the agreement preserves Venezuela’s sovereignty over its resources.
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