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The U.S. Department of Energy has denied reports that the federal government is considering using Venezuelan oil in an exchange with American oil companies to help refill the Strategic Petroleum Reserve (SPR). On Friday, a spokesperson for the Energy Department stated clearly that the claim was false and confirmed that no such exchange is currently being planned.
The clarification came after a Reuters report cited two sources who claimed that the Trump administration was exploring a potential arrangement involving Venezuelan crude oil. According to that report, Venezuelan oil would be delivered to U.S. refineries, while U.S.-produced crude oil would be directed into the Strategic Petroleum Reserve, the world’s largest emergency oil stockpile. The SPR is stored in a network of underground salt caverns along the Texas and Louisiana coasts.
The Energy Department rejected this account, emphasizing that Venezuelan crude oil is not suitable for the SPR. Venezuelan oil is generally heavier and contains higher sulfur content compared to the U.S.-produced crude that has traditionally filled the reserve. The spokesperson reiterated that there is currently no plan or agreement involving Venezuelan oil and the SPR.
The Reuters sources also suggested that Venezuelan crude could be moved into storage tanks at the Louisiana Offshore Oil Port before being sent to refineries, with companies supplying U.S. medium sour crude to the SPR in return. However, these claims were firmly denied by U.S. officials.
The issue comes amid broader discussions about replenishing the Strategic Petroleum Reserve, which currently holds approximately 414 million barrels, or about 60% of its total capacity. President Donald Trump pledged at the start of his second term to refill the reserve as part of a strategy to support the oil and gas industry and strengthen U.S. energy security.
Despite this goal, limited funding and ongoing maintenance challenges have slowed progress. Energy Secretary Chris Wright has previously stated that the administration is exploring alternative methods to replenish the SPR without significant government spending, including partnerships with private companies. A major tax and spending bill passed last year allocated roughly $171 million for SPR oil purchases and maintenance, far below the originally proposed $1.3 billion.
For now, U.S. officials maintain that Venezuelan oil is not part of any current plan to refill the Strategic Petroleum Reserve.
