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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Analysis by David Goldman, CNN: The unusual Venezuelan oil deal championed by President Donald Trump is becoming clearer, but his plan to use the revenue to replenish the United States' dwindling strategic energy reserves continues to raise questions. In recent days, Trump has indicated that Venezuela's new majority stake... The post Why Venezuela May Not Solve America's Most Immediate Oil Problem appeared first on KVIA.
Why Venezuela probably won’t solve America’s emergency oil problem
President Donald Trump’s unusual Venezuela oil deal is coming into fuller view, but his plan to use the proceeds to replenish America’s diminished emergency energy supplies remains a head-scratcher.
The Washington Standard
Mish Talk - Global Economic Trend AnalysisTrump Claims He Will Fill the Strategic Petroleum Reserves with Venezuelan Oil
White House comedy intensifies. Trump’s Claim Truth Social: One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves 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 the People […] The post Trump Claims He Will Fill the Strategic Petroleum Reserves with Venezuelan Oil appeared first on The Washington Stan…
Trump Locked In 65 Billion Barrels After Exxon Called the Country Uninvestable
American forces hauled Nicolás Maduro out of Venezuela nine months ago. Friday, Trump cashed in on that operation in a way nobody saw coming. One line from Exxon's own CEO makes this deal impossible to ignore. America Just Doubled Its Oil Reserves Without Spending a Dime President Trump announced Friday that the United States secured […]
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