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BUSINESS
Trump to use Venezuelan oil to refill US petroleum reserve; details of deal remain unclear
Trump said the deal would give the US a stake in Venezuela's vast oil reserves and help revive the country's battered energy industry. The agreement follows the US capture of former Venezuelan President Nicolás Maduro in January. Maduro was taken to New York to face federal drug-trafficking charges.
GlobeSignal-AIlow certainty
- Why it matters
- The US would gain direct access to Venezuela's oil reserves and a financial stake in the country's energy sector, shifting the terms of US-Venezuela relations after Maduro's extradition.
- Most affected
- US energy policy and budget — Strategic Petroleum Reserve refilled using Venezuelan oil rather than domestic or other sources.
Venezuelan energy sector — Could receive support to revive production, contingent on new US-backed arrangement. - Likely next
- Whether the full terms of the agreement are disclosed and whether refilling of the reserve actually begins using Venezuelan crude.
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