US President Donald Trump said that oil secured under a newly announced agreement with Venezuela will be used to replenish the country’s Strategic Petroleum Reserve (SPR), which has been significantly depleted in recent years amid global supply disruptions and elevated fuel prices.

In a social media post, Trump said the process of rebuilding the reserve would begin shortly. He described the Venezuelan oil as a contribution from Venezuela to the American people.

As part of the arrangement, Trump said Washington would take control of 20% of Venezuela’s vast oil reserves. He provided limited details, but said the US had secured majority control of more than 65 billion barrels (mmbbl) of Venezuela’s proven reserves through partnerships with private companies.

However, it remains unclear how quickly Venezuelan oil could reach the SPR or whether the agreement would provide any near-term benefit to US motorists. The deal, announced by Trump on August 28, is aimed at reviving Venezuela’s struggling oil industry, which will require substantial investment and infrastructure upgrades before production can increase significantly.

The US SPR held around 290 mmbbl as of August 21, close to its lowest level in 44 years. The stockpile has been reduced under both the Biden and Trump administrations as Washington responded to major global supply disruptions, including Russia’s invasion of Ukraine and the conflict with Iran.

The agreement could eventually support efforts to rebuild US emergency oil inventories, although the pace of Venezuela’s production recovery and the availability of infrastructure will determine how quickly additional crude can be supplied to the United States.