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Trump says US will refill Strategic Petroleum Reserve using Venezuelan oil
The deal gives Venezuela 25 years to develop 65 billion barrels while the U.S. reserve sits near a 44-year low, 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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104 Articles
104 Articles
Following the new oil agreement with Caracas, Donald Trump announced that the US will fill its national strategic reserves with Venezuelan crude.
·Monterrey, Mexico
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Trump Confirms Plan To Refill Strategic Petroleum Reserve With Venezuelan Oil
President Donald Trump confirmed Sunday that oil from a deal announced two days earlier with Venezuela will be used to replenish the U.S. Strategic Petroleum Reserve. “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 […]
The president of the United States said that the "filling" of the Venezuelan oil reserves will begin very soon
Coverage Details
Total News Sources104
Leaning Left9Leaning Right21Center13Last UpdatedBias Distribution49% Right
Bias Distribution
- 49% of the sources lean Right
49% Right
L 21%
C 30%
R 49%
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