US President Donald Trump on Sunday said oil secured under a recently announced deal with Venezuela would be used to replenish the Strategic Petroleum Reserve (SPR), which has been drawn down sharply in recent years amid global supply disruptions and high fuel prices.

President Trump says his administration has entered a sweeping agreement with Venezuela that could give the U.S. access to vast amounts of the South American country's untapped…

The deal would more than double US oil reserves at a time when the US strategic petroleum reserve is at a 40-year low, said news site Axios.

The agreement would give the US control of 65 billion barrels of Venezuelan oil