Trump bets on Venezuelan oil to refill US strategic reserve
US President Donald Trump said on Sunday that the United States will refill its strategic petroleum reserve with Venezuelan crude, following his announcement of a broad oil deal with Venezuela. Trump stated that the process will begin soon and that his administration secured control over the majority of Venezuela's proven oil reserves, exceeding 65 billion barrels, without cost to US taxpayers. Secretary of State Marco Rubio described the deal as a major victory and said it could attract nearly $100 billion in private investment to Venezuela.
Why it matters: This development directly affects the theme of energy security and supply chains, as it involves the US strategic petroleum reserve and the diversification of oil supply sources.