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President Trump says oil from the new deal with Venezuela will be used to refill the US Strategic Petroleum Reserve, which is near its lowest level in 44 years. The "fill-up" process is expected to begin immediately.
The US Department of Energy announced the transfer of 53.3 million barrels of oil from the Strategic Petroleum Reserve to nine companies, the latest move in coordinated efforts with the IEA to cool soaring oil prices amid geopolitical tensions. The release follows a larger 172-million-barrel plan approved by the Trump administration in March as part of the IEA's largest-ever coordinated reserve drawdown.
