Published: 21 July 2026 | Pune, India

China holds the world’s largest strategic petroleum reserve: an estimated 1.1 to 1.4 billion barrels as of May 2026, equal to 110 to 140 days of net imports. That is more than three times the United States government SPR of 413 million barrels. RAND Europe’s new study of China’s strategic petroleum reserve, published on 21 July 2026, asks a pointed question: could Beijing use this reserve as a geoeconomic instrument, and not only as an emergency buffer? The study’s expert panel found the most likely path is caution, with sparing and conservative releases.

Primary source: RAND Europe, RRA5069-1, 21 July 2026 | Report page on rand.org