Donald Trump stated that oil from a new U.S.-Venezuela energy agreement will be used to refill the Strategic Petroleum Reserve, which stood at approximately 290 million barrels as of August 21. The 25-year deal was announced on Friday, with Trump describing the oil as a “Gift from Venezuela to the People of the United States” and indicating that the “topping out” process would begin shortly. Both the Biden and Trump administrations previously drew down the reserve in response to global supply disruptions.