US Fills Strategic Petroleum Reserve with Venezuelan Oil

US President Donald Trump has announced that his administration will replenish the Strategic Petroleum Reserve (SPR) using Venezuelan crude oil. The SPR, maintained by the US government to help cushion the economy against major disruptions in oil supplies, had been 'virtually emptied' under the previous Joe Biden administration.

Trump claimed the reserve would be filled up with Venezuelan oil through a 'topping out' process that is set to begin shortly. He described the oil as a 'Gift from Venezuela to the People of the United States.'

The deal, which has been negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, gives the US 55% effective output of the new company formed to exploit untapped Venezuelan oil fields. The agreement also involves the development of 17 fields with a proven potential of 65 billion barrels.

The terms of the deal include $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas. Trump has repeatedly criticized the drawdown of the SPR and pledged to refill it.