Trump Says Venezuelan Oil Will Refill US Strategic Petroleum Reserve

Trump announced on August 30 that Venezuelan oil from a new bilateral agreement will refill the Strategic Petroleum Reserve, now near a 44-year low at roughly 290 million barrels after drawdowns under both Biden and Trump. He called the crude a "Gift from Venezuela to the People of the United States." "Topping out" will begin shortly. The reserve has no recent precedent for using foreign-origin crude.