business ⛽ Trump taps Venezuela oil to boost US reserves
US President Donald Trump stated that oil from a new deal with Venezuela will replenish the Strategic Petroleum Reserve (SPR). This move involves the US and Venezuela, with stocks dipping to 289.7 million barrels in August. The deal grants US majority control over over 65 billion barrels of Venezuelan reserves for 25 years. Trump attributed the low levels to the previous administration, aiming to rebuild the emergency crude stockpile. It is currently unclear how fast this oil can actually start filling the depleted US reserve. ⛽