Trump wants Venezuela’s oil to fill US empty vault

By Sohail Khan 30 August 2026, 7:50 pm

Benchmarks
Nifty24,175.6584.81

Precious Metal
Gold (MCX) (Rs/10g.)156,400.00-2596.0

Enter search text:

Business News›News›International›Global Trends›Trump to replenish US oil reserves with Venezuelan crude; 'topping out' process to begin shortly

Read Today's Paper

Trump to replenish US oil reserves with Venezuelan crude; 'topping out' process to begin shortly
Synopsis

Donald Trump announced plans to refill the Strategic Petroleum Reserve. He stated Venezuelan oil would be used for this replenishment effort. The reserve was significantly depleted during the previous administration's actions. This move signals a potential shift in US-Venezuela energy relations. The process of refilling the reserve is expected to begin shortly.

Listen to this article in summarized format

Loading…
×
×

Unlock AI Briefing and Premium Content

New Year Offer 24 Hours Left
Already a member? Sign In

What's Included

Exclusive Stories
Daily ePaper Access
Smart Market Tools
Curated Investment Ideas
Ad-lite Experience
Subscription

Donald Trump plans to replenish US oil reserves with Venezuelan crude — US President Donald Trump makes fresh comments on Venezuelan crude oil reserves

US President Donald Trump on Sunday said the United States would use Venezuelan oil to replenish its Strategic Petroleum Reserve (SPR), claiming the reserve had been “virtually emptied” under the previous Joe Biden administration.

“One of the things I am going to do with the Venezuelan Oil is fill up the Strategic National Reserves,” Trump said in a post, adding that the “topping out” process would begin shortly and describing the oil as a “Gift from Venezuela to the People of the United States.”

The Strategic Petroleum Reserve (SPR), the world’s largest emergency crude oil stockpile, is maintained by the US government to help cushion the economy against major disruptions in oil supplies.

Trump has repeatedly criticised the drawdown and pledged to refill the crude reserve.

Trump’s latest comments come against the backdrop of Washington’s shifting approach towards Venezuela, home to some of the world’s largest proven crude oil reserves. US policy towards Caracas has swung between sanctions aimed at former President Nicolás Maduro’s government and limited easing of restrictions to allow certain oil transactions.

"THE BIGGEST OIL DEAL IN WORLD HISTORY”

“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” Trump wrote in a post earlier.

What are the terms of the US-Venezuela deal?

According to AP, the US government and an unnamed private operator in Venezuela formed a new company that was given the rights to untapped oil fields for 100 years.

Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Rodríguez.

The oil deal gives the United States 55% effective output of the new company, including an ownership stake and rights to buy oil at cost.

The company would be the second largest corporate holder of proven reserves after Saudi Aramco, according to an official quoted by AP.

Add as a Reliable and Trusted News Source
Add Now!

(You can now subscribe to our WhatsApp channel)

(You can now subscribe to our WhatsApp channel)

Read More News on
Strategic Petroleum ReserveDonald TrumpVenezuelan crude oiloil reservesUS oil policytrump newsNicolás MaduroUS governmentUS economic policycrude oil price

Enter search text:

Continue reading with one of these options:
Limited Access
Free
Login to get access to some exclusive stories

& personalised newsletters
Login Now

Unlimited Access
Starting @ Rs120/month
Get access to exclusive stories, expert opinions &

in-depth stock reports
Subscribe Now

Unlock Access to All Exclusives with ETPrime FREE TRIAL

15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers

Trial offer expiring in00 : 05 : 00

I'd rather pay ₹2599 now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Unlock ETPrime's Exclusive Stories Today!

Subscribe to gain powerful insights on business, stock market and industry trends.

Big Price Drop! Flat 40% Off

Student Only Offer

Already a Member? Sign In now

Already a Member? Sign In now
Already a Member? Sign In now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Special Offer

Get flat 40% off on ETPrime

Avail Offer
Avail Offer

Claim NowAlready a Member? Sign In now

Need Assistance?

Connect with an ETPrime expert for personalized support and guidance

+91 9484700004

' + h3 + '

' + h4 + '

' + listing + '

What’s Included with

ETPrime Membership

1Exclusive Insights That Matter

Uncover the truth with our investigative stories

Make strategic moves using the real-world case studies

Read industry-specific stories to identify emerging trends

Spot opportunities with in-depth insights that matter

Trump temper on H-1B visas is forcing Indians to do these things to stay put in US

What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.

Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?

The problem with lab grown diamonds
Why a falling rupee is a better option for the economy

A list of top 20 momentum stocks that have delivered massive returns in one year