U.S. President Donald Trump said on Sunday that oil from a recently struck deal with Venezuela will be used to replenish the Strategic Petroleum Reserve, which has been drawn down sharply in recent years to respond to global supply disruptions and high fuel prices.
Trump said in a social media post that the “topping out” process will begin shortly, describing the Venezuelan oil as a “Gift from Venezuela to the People of the United States.”
It is unclear how quickly the Venezuela deal could provide oil for the reserve or deliver any near-term benefit to U.S. motorists. The agreement Trump announced on Friday is aimed at reviving Venezuela’s battered oil industry, but it will require significant investment and infrastructure work before production can rise substantially. The reserve held about 290 million barrels as of August 21, near a 44-year low, after the United States drew down its stockpile under both the Biden and Trump administrations in response to global supply disruptions, including Russia’s invasion of Ukraine and the conflict with Iran.
The story is part of ongoing coverage in the Africa category, reported by MyJoyOnline and shared here for readers following developments in this space.
Diajem Global Black News will continue to follow this story and update readers as more information becomes available. For the original reporting and further detail, see the source link below.
Source: MyJoyOnline | Published: Sun, 30 Aug 2026 18:49:24
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