President Donald Trump confirmed this Sunday that the oil that the United States will receive as a result of the historic agreement reached with Venezuela will be used to replenish the Strategic Petroleum Reserve of his country, which former Democratic President Joe Biden significantly reduced in recent years.
The president indicated in his post that the "filling" process will begin soon and described Venezuelan crude as a "gift from Venezuela to the people of the United States." For her part, the interim president of Venezuela, Delcy Rodríguez, stated that this pact —which will last for 25 years— will help modernize the industry, boost the local economy, and strengthen regional energy security.
"This 25-year bilateral project includes the development of 17 strategic oil fields with a production target of over 1.5 million barrels per day," Rodríguez specified through the state broadcaster VTV. "That figure refers only to the bilateral agreement between Venezuela and the United States."
The interim president added that this initial target of 1.5 million bpd is just the beginning, as the broader plan also includes the development of eight new oil blocks as part of a comprehensive expansion of the country's energy sector, with Chevron leading the charge in this area.
