**Low U.S. Strategic Petroleum Reserve inventories near 283 million barrels—lowest since 1982 after 172 million barrels in emergency exchanges tied to the Hormuz disruption—have heightened focus on replenishment options.** The late-August 2026 U.S.-Venezuela oil agreement granting stakes in 17 Orinoco Belt fields and purchase rights for up to 20% of output prompted President Trump to state Venezuelan barrels would help "top off" the SPR shortly. Energy Secretary Chris Wright indicated any near-term contribution would likely involve swaps of heavy Venezuelan crude (Merey-16, ~16 API, high sulfur) for lighter U.S. grades compatible with cavern specifications, rather than direct addition. Analysts note Venezuelan production (currently ~1.1–1.2 million bpd) and infrastructure constraints make rapid scaling unlikely, positioning the deal more as long-term supply diversification than an immediate SPR solution. Key near-term catalysts include exchange returns scheduled for November–December 2026, additional Venezuelan contracts targeted by year-end, and any policy clarification on swap mechanics or quality adjustments.