Trump Plans to Refill Reserves with Venezuelan Oil
U.S. President Donald Trump has confirmed his intention to refill the American strategic oil reserve with Venezuelan oil, after it was depleted during the Biden administration, through a historic oil agreement with the interim Venezuelan government. The agreement involves developing 17 oil fields and providing capacities of up to 65 billion barrels of oil, with investments exceeding $100 billion. This will boost Venezuelan government revenues and help rebuild the country's oil sector, which holds the largest proven reserves in the world. This agreement is considered a significant step that confirms improving relations between Washington and Caracas, and it signals increased oil production and strengthened U.S. reserves, with expectations that the replenishment process will begin soon.
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