The U.S. Strategic Petroleum Reserve stands at 284.6 million barrels as of mid-September 2026, its lowest level since 1982 following the release of roughly 130 million barrels under a March emergency exchange program tied to Strait of Hormuz disruptions. A late-August U.S.-Venezuela oil agreement targeting Orinoco Belt fields raised expectations that Venezuelan crude could support replenishment, yet the Energy Department stated on September 21 that it does not plan to use Venezuelan grades for SPR refill at this time. Venezuelan Merey and Boscan crudes are denser and higher in sulfur than SPR specifications, prompting proposals for refinery swaps that deliver U.S. medium grades instead. Analysts view meaningful production increases as a multi-year process requiring substantial capital, limiting any near-term impact on reserve levels or implied refill probabilities.