Washington (HRNW)- US President Donald Trump has announced that the United States will use oil from Venezuela to replenish its Strategic Petroleum Reserve (SPR), saying the process will begin soon.
According to media reports, Trump described Venezuelan oil as a “gift” to the American people. The US Strategic Petroleum Reserve currently holds around 290 million barrels, significantly below its approximately 714-million-barrel capacity and near its lowest level since 1982.
The announcement follows a major oil agreement between the United States and Venezuela that is expected to provide Washington with extensive access to Venezuela’s vast proven oil reserves.
However, the agreement does not mean that Venezuelan oil will immediately fill US reserves. Venezuela’s oil industry requires substantial investment to restore infrastructure and increase production, with the United States expected to provide support for these efforts.
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