Strategic Petroleum Reserve Hits Historic Low Amid Global Oil Price Surge

The Strategic Petroleum Reserve fell to its lowest level in over four decades at 286.6 million barrels, down from 3.1 million barrels since January 2025.

According to the source, the reserve has declined sharply under both Biden and Trump administrations, with two wars playing a central role. The SPR is now filled to only about 40% of its authorized capacity of 714 million barrels.

Trump blames Biden for the decline, stating that the US had secured a 25-year agreement giving a US-backed venture 55% control over 17 Venezuelan oil fields containing more than 65 billion barrels of proven reserves. Trump said this would help 'fill up' the SPR and described it as a gift from Venezuela to the American people.

However, using Venezuelan oil to refill the SPR is not as straightforward as it sounds. Much of Venezuela's crude may not meet SPR specifications, and substantial investment will be required to increase production, process, transport, and export the oil.