US President Donald Trump has said the United States will use oil from a newly announced agreement with Venezuela to replenish the country’s Strategic Petroleum Reserve (SPR).
Trump said on Truth Social that the process of “topping out” the reserve would begin soon, describing the Venezuelan oil as a “gift” to the American people. He also blamed former President Joe Biden for leaving the reserve at a historically low level.
The US Strategic Petroleum Reserve held about 290 million barrels as of August 21, close to its lowest level in more than four decades. The stockpile has been reduced by successive administrations in response to global supply disruptions and high energy prices.
The agreement announced by Trump is intended to revive Venezuela’s struggling oil industry. However, significant investment and infrastructure development will be required before production can increase substantially.
Venezuela’s interim President Delcy Rodriguez said the 25-year agreement would involve the development of 17 strategic oilfields, with an initial production target of 1.5 million barrels per day. The plan also includes eight new oil blocks.
Rodriguez said Venezuela would retain ownership and sovereignty over its natural resources while benefiting from US capital, technology and operational expertise. Under the arrangement, Venezuela is expected to receive $19 for every barrel of oil produced and sold to the United States.
It remains unclear how quickly Venezuelan crude could reach the US reserve or whether the agreement would have any immediate impact on fuel prices for American motorists.
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