Trump says will use Venezuelan oil to refill US strategic reserve
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US President Donald Trump said Sunday that he will use Venezuelan oil to replenish his country’s Strategic Petroleum Reserve, describing the crude as a "Gift from Venezuela to the People of the United States."
In a post on Truth Social, Trump said the reserve had been "virtually emptied" under former President Joe Biden and that the "topping out" process would begin shortly.
The Strategic Petroleum Reserve currently holds about 290 million barrels, putting it at its lowest level in 44 years.
“One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves which, because of Sleepy Joe Biden, has been virtually emptied,” Trump said on Truth Social.
“The ‘topping out’ process will begin very shortly, and is a Gift from Venezuela to the People of the United States,” Trump added.
The stockpile has been heavily drawn down in recent years amid efforts to respond to supply disruptions and high energy prices.
Trump's announcement comes days after his administration unveiled a major oil agreement with Venezuela that gives the United States control over more than 65 billion barrels of Venezuelan proven oil reserves.
The deal involves 17 oil fields and is intended to revive Venezuela's oil industry.
The US has also said Venezuelan crude will be directed toward strategic reserves and military needs.
However, much of Venezuela's oil infrastructure requires significant investment, meaning increased production could take years to materialize.
Trump has repeatedly pledged to rebuild the US oil reserve.
