Washington: US President Donald Trump has announced plans to use Venezuelan oil to replenish America’s Strategic Petroleum Reserve following a decline in the country’s emergency oil stockpiles.
In a statement posted on social media, Trump said Venezuelan oil would be used to make up for the reduction in US petroleum reserves.
According to the US president, the process of refilling the country’s Strategic Petroleum Reserve with Venezuelan crude will begin very soon.
Trump claimed that US oil reserves were depleted during former President Joe Biden’s administration and said his government would now move to rebuild them.
According to a foreign news agency, global oil supplies have been severely disrupted since the US-Iran war, putting additional pressure on international energy markets.
The US Department of Energy says the country’s petroleum reserves have fallen to their lowest level in 44 years.
The announcement comes days after Trump claimed that the United States had reached what he described as the largest oil deal in history with Venezuela.
According to Trump, the agreement gives the United States majority control over more than 65 billion barrels of Venezuela’s proven oil reserves.
He said the agreement would more than double US oil reserves, significantly increase oil supplies and eventually help lower petrol prices for American consumers.
