Global strategic petroleum reserves ("GSPR") refer to crude oil inventories (or stockpiles) held by the government of a particular country, as well as private industry, for the purpose of providing economic and national security during an energy crisis. According to the United States Energy Information Administration, approximately 4.1 billion barrels (650,000,000 m3) of oil are held in strategic reserves, of which 1.4 billion is government-controlled. The remainder is held by private industry. At the moment the US Strategic Petroleum Reserve is one of the largest strategic reserves, with much of the remainder held by the other 26 members of the International Energy Agency. Other non-IEA countries have begun creating their own strategic petroleum reserves, with China being the largest of these new reserves. Since current consumption levels are neighboring 0.1 billion barrels (16,000,000 m3) per day, in the case of a dramatic worldwide drop in oil field output as suggested by some peak oil analysts, the strategic petroleum reserves are unlikely to last for more than a few months.
Read more about Global Strategic Petroleum Reserves: International Energy Agency Reserves, Forward Commercial Storage Agreements, Emergency Oil Sharing Agreements, Africa, Oceania
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