US President Donald Trump announced that oil from the new agreement with Venezuela is intended to help replenish the United States' strategic petroleum reserves. These reserves have shrunk significantly in recent years due to global supply disruptions and efforts to curb high fuel prices.

Trump said the process of replenishing the reserves to maximum levels will begin soon. He described Venezuelan oil as a "Gift from Venezuela to the People of the United States". However, it is not yet clear how quickly the deliveries can be made or whether the agreement will bring short-term relief to American motorists.

The agreement, announced by Trump on Friday, is also intended to help revive Venezuela's oil industry. According to available information, however, a significant increase in production will require extensive investment and infrastructure restoration.

As of 21 August, US strategic reserves contained approximately 290 million barrels of oil, representing a nearly 44-year low.

(Reuters)