Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil
The 25-year deal gives the United States access to 65 billion barrels and could bring Venezuela up to $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 says Venezuelan oil will replenish Strategic Petroleum Reserves
President Donald Trump said on Sunday that Venezuelan oil will replenish the United States’s Strategic Petroleum Reserves after announcing a historic deal with the country on Friday. “One of the things I am going to do with the Venezuela Oil is fill up the Strategic National Reserves,” Trump said, “which, because of Sleepy Joe Biden, has been virtually emptied. The ‘topping out’ process will begin very shortly, and is a Gift from Venezuela to th…
Trump said he will use Venezuela’s oil to fill the US strategic reserve and that it is a gift. Delcy Rodríguez argues that the 25-year, 17-year oil-field agreement maintains Venezuelan state ownership. The numbers and the law behind the largest energy pact signed by Caracas in three decades.
Venezuela is sitting on gigantic oil deposits. Donald Trump wants to know a good part of it soon in camps in the USA – and speaks of a »gift to the United States«. But it is not that simple.
As the U.S. Strategic Petroleum Reserve fell to 289.73 million barrels, its lowest level in 44 years, President Trump announced a plan to replenish it using crude oil from Venezuela. However, due to the aging infrastructure in Venezuela, it appears that securing the actual reserves will require significant time and investment.
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