Trumps says Venezuelan oil will 'fill up' US petroleum reserve
· UPIAug. 30 (UPI) -- U.S. President Donald Trump on Sunday said the crude oil from Venezuela will be used to "fill up" the U.S. Strategic Petroleum Reserve.
"One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves which, because of Sleepy Joe Biden, has been virtually emptied," Trump wrote. The "topping out" process will begin very shortly, and is a Gift from Venezuela to the People of the United States."
Trump's remarks came after he announced late Friday on social media that the South American country's oil reserves will fall under "majority U.S. control" under a deal negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and acting Venezuelan President Delcy Rodriguez.
"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote.
In a televised address Saturday, Rodriguez said the "historic" deal with the U.S. to deliver 65 billion barrels of oil over 25 years will allow Venezuela to develop its oil industry. She added that the country's "ownership and sovereignty" of its resources will be preserved.
The SPR held 289.7 million barrels as of Aug. 21, nearly a 44-year law, according to government data. The Biden and Trump administrations each drew down from the reserves after supply disruptions, such as Russia's invasion of Ukraine and the US-Israel war with Iran. The SPR level stood at nearly 395 million barrels at the end of the Biden administration in January 2025.