October 3, 2026
US President Donald Trump announced that the United States will begin “very soon” to replenish its strategic oil reserves, stressing that the process will take place “at no cost,” in a move that comes amid increasing pressure on energy markets and a decline in US stockpiles to their lowest levels in more than four decades.
Trump’s announcement came during an election rally in the city of Mobile, Alabama, on Friday, where he merely confirmed the imminent implementation of the step without revealing the size of the targeted quantities or the timetable for its implementation, or providing additional details regarding the mechanism for rebuilding the stock and the sources of oil used.
This statement comes as an extension of previous assurances made by Trump that oil related to recent US agreements with Venezuela will be used to contribute to replenishing the strategic reserve. US Energy Secretary Chris Wright had previously indicated the possibility of entering Venezuelan heavy crude into swap arrangements that would provide suitable crude for US emergency stores.
This step is of great importance in light of the sharp decline in inventory over the past months. The latest US Energy Information Administration data shows that the strategic reserve reached 283.767 million barrels in the week ending September 25, 2026, which is its lowest level since 1982.
Compared to the reserve’s approved storage capacity of 714 million barrels, the current quantities constitute only about 40% of the maximum capacity of the reserve, which is preserved in huge salt caves distributed over sites in the states of Texas and Louisiana on the coast of the Gulf of Mexico.
It is noteworthy that the US Strategic Petroleum Reserve is the largest government emergency reserve of crude oil in the world. It was established in 1975 in the wake of the oil embargo crisis that followed the October 1973 War, with the aim of providing a safety net for the United States in the face of any major supply disruptions.
The refilling plan coincides with great pressures facing the oil markets. The US Energy Information Administration reported in a report issued on September 9 that global oil inventories have declined by about 400 million barrels since the beginning of 2026, expecting this decline to continue until the end of the year in light of the disruptions affecting global crude supplies.
Trump’s announcement is also consistent with international movements aimed at calming energy markets, following the G7 countries’ agreement on October 2 to release 100 million barrels of diesel and crude oil from emergency reserves, in an effort to increase supplies and put pressure on fuel prices.
