Key Points and Summary: China holds approximately 1.4 billion barrels of oil in its Strategic Petroleum Reserve — the largest in the world. The U.S. SPR is now below 375 million barrels and is dropping by 10 to 18 million barrels per week, according to various analyses. Most experts estimate the SPR needs to hold 500 to 700 million barrels to remain effective in mitigating short-term energy disruptions in a country the size of the United States.
-Gerald Ford created the SPR in 1975 after the 1973-74 Arab oil embargo.
-The last shipment of oil from the Strait of Hormuz bound for the U.S.