Trump Proposes 65 Billion-Barrel Venezuela Deal to Refill U.S. Oil Reserve
Updated
Updated · The New York Times · Aug 30
Trump Proposes 65 Billion-Barrel Venezuela Deal to Refill U.S. Oil Reserve
3 articles · Updated · The New York Times · Aug 30
Summary
Trump said Sunday that oil covered by last week’s Venezuela agreement would start refilling the Strategic Petroleum Reserve “very shortly,” even though the reserve is at its lowest level since 1982.
Years may pass before any meaningful barrels arrive: Venezuela’s oil infrastructure is badly degraded, many terms of the deal remain unclear, and new projects there typically take a long time to produce.
Congress would also have to approve spending for any SPR purchases, adding another hurdle to a plan built around collaboration with businessman Alejandro Betancourt López and his family’s oil company.
The push comes as the Iran war has tightened global oil supplies and the U.S. has been drawing down stockpiles for months to contain fuel prices.
In Venezuela, the deal is already divisive because Delcy Rodríguez still holds power after Maduro’s ouster and much of the country remains mired in poverty, blackouts and political uncertainty.