Trump: Venezuelan oil to be used to refill US Strategic Petroleum Reserve

US President Donald Trump announced on Sunday that oil secured under a new deal with Venezuela will be used to replenish the Strategic Petroleum Reserve, which has been significantly depleted. Trump stated on social media that the process of refilling the reserves, which he claimed were emptied by the previous administration, would begin shortly, describing the Venezuelan oil as a gift to the American people. According to US Energy Department data, crude oil stocks in the reserve fell by 5.3 million barrels in August to 293.4 million barrels, the lowest level since 1982. The reserve was established in 1975 to mitigate supply disruptions. While the deal grants a US-backed venture control over 65 billion barrels, experts note challenges regarding infrastructure investment and the quality of Venezuela's extra-heavy crude. The US has relied on these stockpiles as the war in Iran has disrupted oil flows through the Strait of Hormuz. Venezuelan interim President Delcy Rodriguez described the 25-year agreement as historic, noting that the project aims to develop 17 strategic oilfields with an initial production target of 1.5 million barrels per day.