The U.S. Strategic Petroleum Reserve stands at roughly 283 million barrels as of early October 2026, its lowest level since 1982 following 172 million barrels in emergency exchanges tied to Strait of Hormuz disruptions. A late-August bilateral oil agreement grants U.S. entities long-term access to Venezuelan fields containing tens of billions of barrels of reserves, with initial statements suggesting Venezuelan crude could help replenish the SPR. However, the heavy, high-sulfur grades (API 9.5–16) are incompatible with cavern specifications, prompting Energy Secretary Wright to outline potential swaps of Venezuelan heavy oil for lighter domestic crude suitable for storage. Refill rates remain far slower than prior draws, and no physical additions have occurred amid ongoing tanker seizures and Venezuelan export logistics challenges. The next EIA inventory update is due October 15.