What did Trump say about using Venezuelan oil to refill the U.S. Strategic Petroleum Reserve?

Trump said that oil from a recently struck deal with Venezuela will be used to replenish the Strategic Petroleum Reserve, which has been drawn down sharply in recent years; he described the Venezuelan oil as a 'Gift from Venezuela to the People of the United States' and stated that the 'topping out' process will begin shortly.

How low is the current level of the U.S. Strategic Petroleum Reserve, and why has it declined?

As of August 21, the reserve held about 290 million barrels—near a 44-year low—after the United States drew down its stockpile under both the Biden and Trump administrations in response to global supply disruptions, including Russia's invasion of Ukraine and the conflict with Iran.

Trump Says US Will Refill Strategic Petroleum Reserve Using Venezuelan Oil

Aug 30, 2026

President Trump announced plans to replenish the U.S. Strategic Petroleum Reserve with Venezuelan oil following a new agreement. While the reserve sits near a 44-year low, significant investment is needed before production can substantially rise.

reuters

Trump Says Venezuelan Oil to Refill US Strategic Reserve

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