Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil
The plan would send Venezuelan crude to the Strategic Petroleum Reserve as Caracas seeks to revive production and could receive $209 billion a year, 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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Trump to use Venezuelan oil to refill US petroleum reserve; details of deal remain unclear
Trump said the deal would give the US a stake in Venezuela's vast oil reserves and help revive the country's battered energy industry. The agreement follows the US capture of former Venezuelan President Nicolás Maduro in January. Maduro was taken to New York to face federal drug-trafficking charges.
Trump: Venezuelan oil will be used to replenish US strategic reserves
Trump: Venezuelan oil will be used to replenish US strategic reservesUS President Donald Trump has announced his intention to use Venezuelan oil to replenish the country's strategic national reserves. "One of the things I'm going to do with Venezuelan...
The announcement occurs two days after Washington reported an agreement that provides for the control of more than 20% of the South American country's proven reserves.
US strategic reserves have been greatly reduced due to the US war on Iran launched in February
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