U.S. President Donald Trump said on Sunday that oil ​from a recently struck deal with Venezuela ‌will be used to replenish the Strategic Petroleum Reserve, which has been drawn down sharply in recent ​years to respond to global supply ​disruptions and high fuel prices.

Trump said ⁠in a social media post that the "topping ​out" process will begin shortly, describing the Venezuelan ​oil as a “Gift from Venezuela to the People of the United States.”

It is unclear how quickly the ​Venezuela deal could provide oil for the ​reserve or deliver any near-term benefit to U.S. motorists. ‌The ⁠agreement Trump announced on Friday is aimed at reviving Venezuela's battered oil industry, but it will require significant investment and infrastructure work before production ​can rise ​substantially.

The ⁠reserve held about 290 million barrels as of August 21, near ​a 44-year low, after the United ​States ⁠drew down its stockpile under both the Biden and Trump administrations in response to global ⁠supply ​disruptions, including Russia's invasion of ​Ukraine and the conflict with Iran.

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