Trump says he will use Venezuelan oil to refill US strategic petroleum reserve

President Donald Trump said he plans to use Venezuelan oil to replenish the US Strategic Petroleum Reserve, which has fallen to critically low levels.

Trump wrote on Truth Social on Sunday (local time) that "one of the things I will do with Venezuela oil is fill up our National Strategic Reserves," adding that "the process of filling them up will begin very soon, and this will be a gift from Venezuela to the American people."

The remarks signal his intention to use Venezuelan crude to rebuild the reserve. Trump has also claimed that the stockpile was effectively depleted under the Joe Biden administration.

As of Aug. 21, the US Strategic Petroleum Reserve stood at about 290 million barrels, its lowest level since late 1982. With a maximum storage capacity of 714 million barrels, the current stockpile represents less than half of total capacity.

However, analysts say it could take considerable time before Venezuelan oil meaningfully refills the reserve.

Significantly boosting Venezuela's output would require large-scale investment and the overhaul of aging infrastructure. Reuters said it was unclear how quickly any deal with Venezuela could contribute to filling US strategic reserves or what near-term benefits American consumers might see.

Earlier, Trump said he had reached a major oil deal with Venezuela two days prior, claiming the United States had secured control over more than half of the country's crude reserves.

The US Strategic Petroleum Reserve has gradually declined through the war in Ukraine and the war with Iran. The operational floor for the reserve is estimated at between 180 million and 200 million barrels, raising concerns that stockpiles are approaching a precarious threshold.