U.S. President Donald Trump said Sunday that the U.S. Strategic Petroleum Reserve will be replenished with oil from Venezuela, following the agreement announced on Friday by Washington and Caracas, which grants the U.S. majority control over the exploitation of more than 65 billion barrels of proven crude oil reserves in the Latin American country.
Trump stated in a social media post that the “replacement” process would begin soon, describing Venezuela’s oil as “A gift from Venezuela to the people of the United States.”
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U.S. strategic reserves have declined sharply in recent years to address global supply disruptions and high fuel prices.
It is unclear how quickly the agreement with Venezuela can provide oil for the reserve or offer any short-term benefit to Americans.
Source: KYPE
