US President Donald Trump stated on Sunday that America intends to leverage the billions of barrels of Venezuelan crude it has recently gained control over to refill the nation's significantly depleted emergency oil stockpile. In a post on Truth Social, Trump said, "One of the things I plan to do with the Venezuelan oil is to fill up the National Strategic Petroleum Reserve," while blaming former President Joe Biden for draining the reserves. He added, "The refilling process will begin very soon. It's a gift for the people of the United States from Venezuela."

Following extensive drawdowns during both the Trump and Biden administrations, the US Strategic Petroleum Reserve, which has a capacity exceeding 700 million barrels, currently holds just 289.7 million barrels, representing roughly 40 percent of its capacity.

Last Friday, Trump indicated that Washington would collaborate with private enterprises to take over Venezuela's proven oil reserves of 65 billion barrels. US officials have noted that this initiative would create the world's second-largest private oil company and secure America's petroleum supply for decades to come. According to a US official, Washington would control 55 percent of the effective production from the joint venture and would receive oil at cost price.

Due to Venezuela's aging infrastructure, unstable electricity supply, and lingering environmental issues, the pace at which the country's oil output could increase remains uncertain. Trump has not yet provided further specifics on how the arrangement would function, and the US Department of Energy did not immediately respond to requests for comment.