Key Points
- Trump plans to fill the US Strategic Petroleum Reserve (SPR) with Venezuelan oil.
- The agreement provides access to 65 billion barrels of Venezuelan oil; Trump calls it a 'gift to the American people.'
- SPR inventory was 289.7 million barrels in August 2026, at 40.57% of capacity; operational capacity is 680 million barrels.
- The Iran War and Strait of Hormuz blockade led to a 2.6 billion barrel loss and a 26% rise in Brent prices.
By the Numbers
US President Donald Trump announced that 65 billion barrels of oil will be transferred to the US Strategic Petroleum Reserve (SPR) thanks to an energy agreement with Venezuela. In a post on his Truth Social account, Trump claimed the reserves were depleted during former President Joe Biden's term and described this process as 'a gift to the American people.' He stated, 'The refill operation will begin very soon.'
According to Department of Energy data, as of August 20, 2026, the SPR inventory stood at 289.7 million barrels, meeting 40.57% of capacity. While the official storage capacity is 714 million barrels, operational capacity was reported at 680 million barrels in May 2025. Reserves fell to their lowest level since 1983 (340.3 million barrels) in June 2023, prompting emergency releases due to the Iran War.
The Iran War and the Strait of Hormuz blockade caused a loss of 2.6 billion barrels of oil and a 26% increase in Brent crude prices. This significantly tightened global oil supply and led to a rapid rise in US gasoline prices since February. The SPR is the world's largest emergency energy reserve, used for natural disasters, wars, or supply shortages.
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Frequently Asked Questions
- What is Trump targeting with the Venezuela oil deal?
- To fill the US Strategic Petroleum Reserve (SPR) 'to the brim' and rebuild reserves he claims were depleted by Biden.
- What is the current status of the US Strategic Petroleum Reserve?
- As of August 20, 2026, it holds 289.7 million barrels, 40.57% of capacity; operational capacity is 680 million barrels.
- Why were oil prices and supply so affected?
- The Iran War and Strait of Hormuz blockade caused a 2.6 billion barrel supply loss and a 26% increase in Brent crude prices.
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