Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil
The deal gives Venezuela 25 years to develop 65 billion barrels while the U.S. reserve sits near a 44-year low, officials said.
- On Friday, United States President Donald Trump announced a 25-year agreement granting the United States access to over 65 billion barrels of Venezuela's oil, an unprecedented push to control a fifth of the nation's vast reserves.
- Venezuelan interim President Delcy Rodriguez said on Saturday the "historic" deal allows the country to preserve "ownership of and sovereignty" over resources while leveraging foreign expertise to support a strategic industry battered by sanctions.
- Under the arrangement, $19 from every barrel sold to the United States will flow to Caracas, potentially worth $209bn annually, Rodriguez said. The project targets production of 1.5 million barrels daily across 17 strategic oilfields.
- President Trump plans to use the oil to replenish the Strategic Petroleum Reserve, which held about 290 million barrels as of August 21. Trump stated on Sunday that the "topping out" process will begin shortly.
- Significant infrastructure investment is required before production rises substantially, as Caracas has faced pressure to align with Washington since January when the Supreme Court handed leadership to Rodriguez following the abduction of Venezuelan President Nicolas Maduro.
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NEWS HEADLINES: President Trump Announces Venezuelan Oil Will Refill America’s Strategic Petroleum Reserve – 100PercentFedUp.com – by Jack
President Trump just revealed where the first major benefit from his new Venezuelan oil deal is headed. America’s Strategic Petroleum Reserve is going to be refilled. Trump said Sunday morning that Venezuelan oil secured under the historic agreement will be used to begin “topping out” the emergency stockpile very shortly. The announcement quickly spread across X: 🚨 BREAKING: President Trump stuns the world and reveals he is hereby REFILLING Ame…
Washington, Aug 30 (EFE).- U.S. President Donald Trump said this Sunday that Venezuelan oil will begin to replenish the strategic reserves of crude oil of his country "very soon" in reference to the agreement signed between the two countries for U.S. companies to take control of one fifth of the reserves [...] Trump entry says that Venezuelan crude will begin to replenish U.S. reserves "very soon" was first published in HolaNews.
United States President Donald Trump announced, on Sunday, that he would restock his country's strategic reserves of Venezuelan oil very soon.
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