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U.S. will use Venezuelan crude to top up Strategic Petroleum Reserve
The SPR held 290 million barrels as of August 21, Reuters reported, the lowest level in nearly 44 years.
The United States will use Venezuelan crude to refill the Strategic Petroleum Reserve, President Donald Trump said on social media, Reuters reported. Trump said the “topping out” process would begin soon as the SPR has been drawn close to minimum operational levels.
OilPrice reports the decline in the SPR comes amid a surge in U.S. crude exports tied to the Middle East crisis. As of August 21, the SPR stood at 290 million barrels, the lowest level in almost 44 years, according to Reuters.
OilPrice added that Venezuela exported 1.16 million barrels of crude per day last month, slightly below June’s 1.2 million barrels per day, due to lower withdrawals from storage. The outlet also said the delivery could take time, citing port capacity constraints, including reports that tankers may face waits of up to 30 days to load amid power outages and shipping quality problems.
OilPrice further noted that in July, exports to the United States, Venezuela’s biggest oil destination, averaged 786,000 barrels daily, the highest since early 2019. The outlet also said news broke last week that the U.S. federal government is negotiating a direct ownership stake in a high-yield field in the country.
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