President Donald Trump claimed that the US had secured majority control over Venezuelan oil reserves that will be used to refill the Strategic Reserve.
“The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!” he wrote on Truth Social Friday. The US has “secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity.”
In January, Trump ordered a raid in Venezuela that led to the kidnapping of President Nicolas Maduro. The US has backed interim President Delcy Rodriguez, but has threatened that she will be removed if she does not comply with Washington’s demands.
Rodriguez confirmed the agreement on Sunday: “This 25-year bilateral project envisages the development of 17 strategic oilfields with a production target of more than 1.5 million barrels per day,” she explained. “That figure relates solely to the bilateral agreement between Venezuela and the United States.”
The President claimed that some of the Venezuelan oil will be used to fill the US 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,” he posted on Truth Social Sunday. “The ‘topping out’ process will begin very shortly, and is a Gift from Venezuela to the People of the United States.”
The US Strategic Oil Reserve has been deployed by Trump and Joe Biden’s policies. Washington has released oil from the reserve to keep prices down as it attempted to take Russian and Iranian oil off the world market.
After President Trump started a war against Iran, Tehran closed the Strait of Hormuz. About a fifth of the global oil supply exited the Persian Gulf through the waterway before the conflict.
