U.S. President Donald Trump said Sunday that part of the oil extracted from Venezuela under the recently announced agreement with Caracas will be used to replenish the U.S. Strategic Petroleum Reserve.
Trump said the process would begin “very soon” and described the oil as a gift from Venezuela to the American people.
According to Trump, the United States will have majority control over more than 65 billion barrels of Venezuela’s proven oil reserves, which he described as roughly one-fifth of the country’s total reserves.
The announcement comes as the U.S. Strategic Petroleum Reserve is reportedly at about 41% of its capacity, while gasoline prices have risen amid the conflict involving Iran.
