Story
Trump Pledges to Refill U.S. Strategic Oil Reserve Using Venezuelan Crude

U.S. President Trump stated that crude oil from a new U.S.-Venezuela deal will be directed to replenish the nation's Strategic Petroleum Reserve (SPR). The announcement was made in a post on the Truth Social platform on Sunday.
Refilling the Reserve
In his post, President Trump committed to using the Venezuelan oil to address the reserve's diminished levels. "One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves which, because of Sleepy Joe Biden, has been virtually emptied," he said.
Trump added that the replenishment process would begin "very shortly" and described the arrangement as a "Gift from Venezuela to the People of the United States."
The U.S.-Venezuela Agreement
AdThe plan follows a deal announced Friday between the U.S. and private businesses in Venezuela. According to the report, the agreement gives the U.S. majority control over 65 billion barrels of Venezuelan crude oil.
The deal is set to establish the world's second-largest private oil company by reserves and is positioned to secure U.S. oil supplies for decades to come.
State of the SPR
The U.S. Strategic Petroleum Reserve currently holds 289.7 million barrels of oil, which is approximately 40% of its total capacity. The reserve's levels have been reduced following drawdowns under both the current and previous administrations to manage domestic fuel prices and supply disruptions.
Read next
More on Commodities
U.S. Crude Inventories Post Surprise Draw While Gasoline Stocks Swell, EIA Reports
U.S. crude oil stockpiles fell unexpectedly last week, driven by a surge in exports, while gasoline inventories saw a significant build amid weakening demand, according to the latest EIA data.

UBS Raises Year-End Brent Forecast to $110 on Middle East Supply Risks
UBS has increased its year-end forecast for Brent crude to $110 per barrel, citing escalating supply risks in the Middle East, declining global inventories, and record-high freight costs.

Iran Dismisses Latest Qatari Peace Proposal as 'Unacceptable'
A senior Iranian official has rejected the latest Qatari-mediated draft deal to end the eight-month war, calling the ideas 'unacceptable' and signaling a continued diplomatic impasse. The news comes amid rising oil prices following attacks on Saudi energy infrastructure.

Argentina Poised to Gain EU Soymeal Market Share as Deforestation Rules Hit Brazil
Argentina's soybean industry is preparing to capture a larger share of the European Union's soymeal market as new EU anti-deforestation rules are expected to disrupt exports from rival Brazil.