The U.S.
Strategic Petroleum Reserve fell to 286.8 million barrels after last week's
drawdown, down sharply from peaks over 700 million in past decades due to
releases addressing global supply issues.
Russia revised its 2026 crude output forecast to 494.2 million tons—a 17-year low—citing Ukrainian drone attacks on refineries, export limits, and Ukraine war effects, with forecasts for later years also cut.
These shifts highlight thinner buffers against disruptions, as President Trump eyes Venezuela's oil to refill U.S. stocks, though its 1.1 million barrels per day would need major rebuilding.