'A gift from Venezuela': Trump reveals where the oil will go
WASHINGTON, DC: President Donald Trump said on Sunday, August 30, that Venezuelan oil secured under his new deal with the country will be used to refill the Strategic Petroleum Reserve.
The reserve had fallen to levels not seen since the 1980s earlier this month, according to Department of Energy data.
Trump made the announcement on Truth Social, two days after unveiling the Venezuelan oil agreement.
Trump links Venezuelan oil to reserve
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. The “topping out” process will begin very shortly, and is a Gift from Venezuela to the People of the United… pic.twitter.com/5rzweHyoaH
— Commentary Donald J. Trump Truth Social Posts On X (@TrumpTruthOnX) August 30, 2026
Trump’s announcement is the first concrete domestic use he has identified for the Venezuelan oil deal, with the president saying the crude will help replenish the national stockpile.
He previously announced Friday that the US had secured “majority US control of more than 65 BILLION BARRELS” of proven Venezuelan oil reserves at no cost to American taxpayers.
Trump called it “THE BIGGEST OIL DEAL IN WORLD HISTORY.”
“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," Trump wrote on Sunday.
And then added, "The 'topping out' process will begin very shortly, and is a Gift from Venezuela to the People of the United States. Thank you! President DONALD J TRUMP.”
The deal follows the January attack by the US on Venezuela, during which Nicolás Maduro, then the country’s president, and his wife, Cilia Flores, were captured.
Trump said US officials coordinated with Venezuelan government leaders and used a “partnership” with unnamed private businesses to secure the oil agreement.
Trump said the arrangement should also bring down prices at the pump as consumers face higher energy costs. The average US gasoline price reached around $4.09 a gallon Friday, a 27% increase from a year earlier, according to AAA.
Venezuela details the oil agreement
Venezuelan interim President Delcy Rodríguez said Saturday that the 25-year bilateral project covers 17 strategic oilfields and has a production target of more than 1.5 million barrels per day.
“The United States contributes the capital and technology needed to recover and develop those assets,” Rodríguez said in a late-night address on state TV outlet VTV.
She said Venezuela would receive $19 for each barrel produced and sold to the US, with the benchmark price set at $65 per barrel and subject to fluctuations in global prices.
Rodríguez estimated the arrangement could generate $209 billion a year for Venezuela.
The $65 billion-barrel figure represents about 21% of Venezuela’s proven reserves, which total 303 billion barrels, according to Rodríguez.
She then delivered the point directly. “But there is something that must be absolutely clear,” Rodríguez said. “Venezuela retains ownership and sovereignty over its resources.”
Iran war keeps energy prices high
The reserve plan comes as Trump’s war with Iran has pushed up crude prices and disrupted oil transit through the Strait of Hormuz.
West Texas Intermediate crude prices fell 4% this week, its first losing week of the last three, but prices remain more than 24% higher since the war with Iran began.
Only a handful of ships have recently crossed Hormuz each day, down from around 100 a year ago, according to the International Monetary Fund’s PortWatch tracker.
