U.S. President Donald Trump said on Sunday that American strategic petroleum reserves will be refilled using Venezuelan crude under a new agreement announced Friday. The deal grants Washington majority control over 65 billion barrels of Venezuelan oil, according to Trump’s post on Truth Social.
The U.S. Strategic Petroleum Reserve currently holds 289.7 million barrels, approximately 40% of its capacity, after successive drawdowns by both the Trump and Biden administrations. Trump criticized the prior depletion in a Truth Social post, stating the reserves had been "practically emptied" due to policies under President Joe Biden, whom he referred to as "Sleepy Joe Biden."
The agreement, involving U.S. and private Venezuelan companies, is expected to establish the world’s second-largest private oil firm by reserves and secure American supply for decades. Trump described the initiative as a "gift from Venezuela to the American people" and said the refill process would begin "soon."
