US Department of Energy Denies Reports of Using Venezuelan Oil to Refill Strategic Petroleum Reserve
The Department of Energy denied plans to exchange Venezuelan oil for domestic crude to refill the reserve. This move clarifies strategy amid budget limits.
Insights:
The US 
USDepartment of Energy stated on Friday, January 16, 2026, that the Trump administration is not currently considering using oil from VE 
VEto refill the Strategic Petroleum Reserve. A spokesperson for the department clarified that there is no exchange currently planned, directly contradicting reports that suggested such a mechanism was under exploration. This denial clarifies the administration's position as it seeks to address the reserve's current 60% capacity level without relying on direct government spending.
USDepartment of Energy stated on Friday, January 16, 2026, that the Trump administration is not currently considering using oil from VE VEto refill the Strategic Petroleum Reserve. A spokesperson for the department clarified that there is no exchange currently planned, directly contradicting reports that suggested such a mechanism was under exploration. This denial clarifies the administration's position as it seeks to address the reserve's current 60% capacity level without relying on direct government spending.Earlier on January 16, Reuters reported that two sources said the Trump administration was exploring a plan to deliver oil from VEto refineries in the USin exchange for domestically produced crude for the emergency reserve. This proposed plan would have involved moving crude from VEinto storage tanks at the Louisiana Offshore Oil Port. In the reported exchange, companies such as Chevron Corporation and Exxon Mobil Corporation would have supplied USmedium sour crude directly into storage for the reserve.
