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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.