At 286.6 million barrels, the crude held in the US Strategic Petroleum Reserve now sits at a multi-year low, according to the latest government figures covering last week.
A drawdown of about 3.1 million barrels over the week deepened a steady erosion that has pulled the reserve well beneath the levels it held before recent geopolitical strains squeezed global supply.
Most of the drop came from sour crude, which fell roughly 1.7 million barrels to 189.3 million barrels. Sweet crude slipped around 1.4 million barrels, landing at 97.3 million barrels.
Scrutiny of how much of a buffer the thinning stockpile can still deliver has intensified as an ongoing conflict involving Iran keeps markets on edge and tests the reserve’s remaining potency.
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There are signs Washington wants to reverse course. President Donald Trump said the US would refill the reserve, identifying Venezuelan oil as a source for the effort.
Tying the reserve’s recovery to shifting foreign supply arrangements comes at a moment when domestic drawdowns have already pushed inventories to their lowest in years.
Designed as a hedge against supply shocks, the reserve loses flexibility as it shrinks, leaving governments with less room to respond should disruptions spread.
The trajectory, for now, points down. Both the sour and sweet grades stored underground have been whittled away in successive weekly reports, and the newest reading reinforces a pattern that energy markets have been watching closely.
How much the planned refill using Venezuelan barrels can rebuild the cushion, and how fast, will determine the reserve’s role as the conflict abroad continues to rattle prices and supply expectations.
