Summary
The U.S. Department of Energy is considering a plan to swap oil with Venezuela. The idea is to exchange Venezuelan heavy oil for U.S. medium sour crude to help fill the U.S. Strategic Petroleum Reserve.
Key Facts
- The U.S. may trade heavy oil from Venezuela for U.S. medium sour crude oil.
- This oil exchange aims to replenish the U.S. Strategic Petroleum Reserve.
- The Venezuelan oil could be stored at the Louisiana Offshore Oil Port.
- The U.S. medium sour crude would be sent directly into storage caverns.
- This information comes from people familiar with the discussions.
- Newsweek has requested a comment from the Department of Energy.
