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Trump announces deal to use Venezuelan oil for U.S. strategic reserves

President Trump discussed an agreement to replenish U.S. strategic oil reserves with Venezuelan crude, calling it a 'gift'.

30 August 2026Tagblick Newsdesk

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Archive photo: Trump announces deal to use Venezuelan oil for U.S. strategic reserves — Archive photoPhoto: ENERGY.GOV · Wikimedia Commons · Public domain

President Donald Trump announced that Venezuelan crude will begin to be used to replenish the country's Strategic Petroleum Reserve. According to Trump, this process, which he referred to as 'topping out', will start 'very soon'.

The agreement involves control over more than 20% of proven oil reserves in Venezuela. Trump emphasized that Venezuelan oil is considered a 'gift from Venezuela to the people of the United States'. The duration of the deal is 25 years, and it is estimated that it will allow the extraction of approximately 1.5 million barrels of crude daily.

The U.S. president also mentioned that significant investment will be needed to develop undeveloped oil fields in Venezuela before production can increase substantially. The generation of this oil will be managed while the U.S. maintains relations with the Venezuelan government.

However, the immediate impact on fuel prices in the U.S. remains unclear. Trump's announcement came two days after the U.S. administration informed about the agreement with Venezuela.

Trump's statements were covered by various media, emphasizing both the aspect of recovering strategic reserves and the relationship between the two nations. Different reports addressed the issue from various angles, including the need for investment and the time required to extract the crude.

Through this deal, the Trump administration aims to address the situation of the country's strategic reserves, which have faced criticism in the context of current management. The reliance on Venezuelan production marks a significant approach in the relationship between the two countries.

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