Trump Announces Venezuelan Oil Deal for Strategic Reserve

US President Donald Trump announced that oil from Venezuela will be used to replenish the Strategic Petroleum Reserve, which has been depleted in recent years. The reserve currently holds about 290 million barrels, near a 44-year low. This decision comes after a deal was struck with Venezuela aimed at reviving its battered oil industry.

The agreement will require significant investment and infrastructure work before production can rise substantially. Trump described the Venezuelan oil as a 'Gift from Venezuela to the People of the United States.'

It is unclear how quickly this deal could provide oil for the reserve or deliver any near-term benefit to US motorists. The reserve was drawn down under both the Biden and Trump administrations in response to global supply disruptions.