Trump says US will refill its petroleum reserves using Venezuelan oil

What the report says

US President Donald Trump said on Truth Social that oil from a newly announced arrangement with Venezuela will be used to help refill the US Strategic Petroleum Reserve. In the post, Trump said the reserve had been left “virtually” empty and said the “topping out” process would begin soon. Al Jazeera reported that the reserve is a federal emergency stockpile that has fallen sharply after years of withdrawals tied to supply disruptions and high fuel prices.

The article said the announcement followed a deal Trump unveiled on Friday aimed at reviving Venezuela’s oil industry. Al Jazeera reported that the arrangement would require major investment and infrastructure work before output can rise significantly, so the timing and size of any impact on US fuel supplies remain uncertain. The story also noted that the reserve stood at about 290 million barrels as of August 21, near a 44-year low.

Venezuela’s interim President Delcy Rodriguez said in a televised address that the country had agreed to a 25-year project involving 65 billion barrels of oil, development of 17 strategic oilfields, and an initial target of 1.5 million barrels per day. She said Venezuela would retain ownership and sovereignty over its resources while benefiting from outside capital, technology and operational expertise. The reported deal matters because it links US energy security to a major expansion plan in Venezuela, a country whose oil sector has been weakened by sanctions, underinvestment and political turmoil.