President Donald Trump confirmed Sunday that oil from a major new deal with Venezuela will be used to refill the U.S. Strategic Petroleum Reserve. He described the move as a direct benefit for the American people.
“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 States,” Trump posted on Truth Social.
The statement followed Friday’s announcement of an agreement giving U.S. interests majority control of more than 65 billion barrels of proven Venezuelan oil reserves. The partnership with private business grants the United States about 55 percent of the venture’s output through ownership stakes and the right to purchase oil at cost.
Venezuelan interim President Delcy Rodríguez said the 25-year deal could generate more than $100 billion in investment and over $209 billion in tax revenue for Venezuela. The production target exceeds 1.5 million barrels per day. A U.S. official noted that as output grows, a portion of the at-cost oil will go toward filling the Strategic Petroleum Reserve and meeting military needs.
The Strategic Petroleum Reserve is America’s emergency crude oil stockpile, stored in underground salt caverns across four sites in Texas and Louisiana. Created in 1975 after the 1973-74 oil embargo, it is designed to protect against major supply disruptions. Authorized capacity stands at approximately 714 million barrels. As of the week ending August 21, 2026, it held just 289.7 million barrels—about 40.6 percent of capacity and its lowest level since the early 1980s.
Previous drawdowns under both the Biden and Trump administrations reduced the reserve. In 2022 the Biden administration released 180 million barrels in response to Russia’s invasion of Ukraine. Those stocks were never fully restored. This past March the Trump administration authorized the release of 172 million barrels as part of a coordinated International Energy Agency action totaling 400 million barrels after the Iran conflict disrupted shipping through the Strait of Hormuz. Additional releases have followed.
The new Venezuelan agreement offers a path to reverse those declines. By securing long-term access to vast reserves at favorable terms, the Trump administration aims to restore a critical national security asset while advancing American energy interests.