Trump Says Venezuelan Oil Will Refill U.S. Strategic Petroleum Reserve
Trump Says Venezuelan Oil Will Refill U.S.
Strategic Petroleum Reserve What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… The United States will use Venezuelan crude to refill the Strategic Petroleum Reserve, President Donald Trump said on Sunday on social media.
Describing the move as a “Gift from Venezuela to the People of the United States,” President Trump said the “topping out” will begin soon, asquotedby Reuters.
The Strategic Petroleum Reserve has been drawn close to minimum operational levels amid a surge in U.S.
crude oil exports in response to the crisis in the Middle East.
As of August 21, per Reuters, the SPR held 290 million barrels.
This was the lowest level in almost 44 years.
The “gift” that President Trump expects from Venezuela, however, may take a while to reach its destination.
Venezuela exported 1.16 million barrels of crude oil daily last month, a slight decline from June’s 1.2 million barrels daily, on lower withdrawals from storage.
The fact it needs draws from storage to top up exports suggests production is not rising as fast as some may hope.
There are also port capacity constraints, withreportsfrom earlier this month saying tankers have to wait for as long as 30 days to load, as ports struggle with power outages and quality problems with the crude oil getting shipped out.
Still, in July, exports to Venezuela’s biggest oil destination—the United States—averaged 786,000 barrels daily, which was the highest since early 2019.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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