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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150 Articles
Trump said the oil from Venezuela would be used to replenish the US Strategic Petroleum Reserve, which has reached its lowest level since 1982. Trump called it a gift to America.
President Donald Trump ruled out trying to sell all the oil he receives from Venezuela.
Trump to Refill Strategic National Reserves With Venezuelan Oil - Miami Independent
According to the deal, the U.S. government will hold a 55% majority in a joint venture between the energy partnership and a private operator in Venezuela. The post Trump to Refill Strategic National Reserves With Venezuelan Oil appeared first on Miami Independent.
Sydney Morning Herald
Trump speaks on Venezuela oil deal
Donald Trump says oil from a recent deal with Venezuela will be used to replenish the US strategic reserve.
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Trump Says Venezuelan Oil Deal Will Refill U.S. Strategic Reserves and Lower Gas Prices
President Donald Trump said a new 25-year energy agreement with Venezuela will give the United States access to more than 65 billion barrels of proven ... The post Trump Says Venezuelan Oil Deal Will Refill U.S. Strategic Reserves and Lower Gas Prices first appeared on [your]NEWS.
<p>Trump said that the United States will replenish the strategic oil reserve at the expense of Venezuelan oil Donald Trump said that the United States will use Venezuelan oil to replenish the strategic reserve. It currently has about 290 million barrels.</p>
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