Uploaded August 2026 | Updated September 2026, 3 weeks ago

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Trump says Venezuelan oil will soon refill the US strategic reserve, calling it a "gift" from Venezuela and blaming Biden for draining it.

In Washington, Al Jazeera's Mike Hanna says the reserve, now below 300 million barrels, is at its lowest since 1982, but topping it up won't be quick: the deal grants the US a 55 percent stake in heavy Venezuelan crude requiring new refineries, storage and pipelines, a process taking years, not weeks, meaning no oil reaches the reserve before the midterms.

In Merida, independent analyst Paul Dobson says the deal has triggered backlash across Venezuela's political spectrum, effectively signing away 20 percent of its oil resources for 25 years and control over pricing and sales. Dobson argues the real winners are US corporations, not ordinary Venezuelans.

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