Russian President Vladimir Putin and Chinese President Xi Jinping pose for a group photo during the ... [+] G20 Summit in Osaka in 2019. The SPR, which has a capacity of around 700 million barrels, currently has about 372 million barrels stored in salt caverns along Texas and Louisiana Gulf Coasts. That’s down from 594 million barrels, or nearly 40 percent, from a year ago. Beyond the sell-off of the SPR, Biden’s policy on Ukraine has also dramatically reduced the price of Russian oil for China. SPR oil is sold through a competitive bidding process, and buyers are not restricted by nationality.

Source: Forbes January 21, 2023 18:45 UTC