Global strategic petroleum reserves

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, to safeguard the economy and help maintain national security during an energy crisis. Strategic reserves are intended to be used to cover short-term supply disruptions.

In 2004, approximately 4.1 billion barrels (650,000,000 m3) of oil was held in strategic reserves by International Energy Agency member states, of which 1.4 billion is government-controlled and the remainder held by private industry.[1] In February 2022, this amounted to close to two years' worth of net oil imports held in IEA member states' strategic petroleum reserves.[2] The U.S. Strategic Petroleum Reserve has consistently held the largest strategic reserve.[1][3] Some non-IEA countries have started work on their own strategic petroleum reserves. China has the largest of these new reserves.[4] Global oil consumption is in the region of 0.1 billion barrels (16,000,000 m3) per day.[5] The 4.1 billion barrels reserve held in 2004 would be equivalent to 41 days of current production.

  1. ^ a b International Energy Agency (1 January 2004). "Fact Sheet on IEA Oil Stocks and Emergency Response Potential" (PDF). IEA. Archived from the original (PDF) on 25 March 2009. Retrieved 27 June 2006.
  2. ^ International Energy Agency (12 May 2022). "Oil Stocks of IEA Countries". IEA. Archived from the original on 16 May 2022. Retrieved 16 May 2022.
  3. ^ International Energy Agency (July 2020). "Oil Security Toolkit". IEA. Archived from the original on 6 February 2021. Retrieved 16 May 2020.
  4. ^ "Oil Bulls Beware Because China's Almost Done Amassing Crude". Bloomberg News. 30 June 2016. Archived from the original on 31 March 2022. Retrieved 31 March 2022.
  5. ^ "Short-Term Energy Outlook". U. S. Energy Information Administration (EIA). 9 February 2016. Archived from the original on 27 February 2016. Retrieved 24 February 2016.

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