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Global Oil Strategic Reserves Comparison
Comparison of strategic oil reserves between IEA nations and China (in billions of barrels).
Primary Sources
Global energy crisis highlights meagre oil buffers in developing world ...
As the blockade of the Strait of Hormuz drives the worst energy crunch in modern history, leading governments to scramble to unload their emergency oil stockpiles, developing countries are among the least prepared to mitigate the shock.Although surging fuel prices due to the fallout of the US-Israel war on Iran have impacted most of the world, import-reliant poorer countries are among the worst affected and the most lacking in energy reserves to cushion the blow.Recommended Stories list of 4 itemslist 1 of 4Trump to discuss Iran with Xi Jinping during China visit: Officialslist 2 of 4Barcelona clinch back-to-back La Liga titles with 2-0 win over Real Madridlist 3 of 4Somalis rally against government-ordered evictions in Mogadishulist 4 of 4What next for Real Madrid after Barcelona’s La Liga and Clasico triumph?end of listThe International Energy Agency (IEA), the Paris-based body tasked with ensuring the global oil supply, is comprised exclusively of the industrialised countries that are part of the Organisation for Economic Co-operation and Development (OECD).Established in 1974, when developed Western countries accounted for the bulk of global oil consumption, the IEA’s 32 member countries represent only about 16 percent of the world’s population.While the agency’s coordinated release of 400 million barrels of emergency reserves in March was aimed at easing prices globally – theoretically benefitting all countries – the move highlighted the lack of stockpiles across much of the Global South.Apart from the Middle East and Central Asia, the epicentre of the conflict, the Asia Pacific region, where many economies are heavily reliant on imported fuel, is expected to take the biggest economic hit.In its latest forecast last month, the Asian Development Bank downgraded its 2026 growth outlook for the region’s developing economies to 4.7 percent, down from an earlier estimate of 5.1 percent.The lEA is comprised exclusively of industrialised nations [Sarah Meyssonnier/Reuters]The situation has left developing countries among the “least able to pay the premium” prices, making them especially vulnerable to price shocks, said Khalid Waleed, a research fellow at the Sustainable Development Policy Institute in Islamabad, Pakistan.“Strategic petroleum reserves are expensive to build, fill, finance, rotate, and govern,” Waleed told Al Jazeera.“For countries facing foreign exchange constraints, debt servicing pressures, food import bills, electricity subsidies, and soci...
Live Updates: Iran war impact on UK energy and global oil
Follow live reporting of the Iran war's impact on oil and gas prices, global energy security, and the UK market.
Iran Conflict Accelerates Drawdown of Global Oil Buffers to Record Speed
Odaily Planet Daily reported that disruptions to oil shipping in the Persian Gulf stemming from the Iran war are draining global inventories at an unprecedented pace, eating into buffer stocks designed to cushion supply shocks. The faster-than-normal drawdown is pushing markets closer to sharper price spikes and potential shortages.
Asia Most Exposed As Iran Conflict Rapidly Drains Global Oil Buffers
Global oil inventories are plunging at a record pace as the Iran conflict disrupts flows through the Strait of Hormuz, draining energy buffers and putting Asia most at risk. Learn how shrinking stockpiles, rising prices and mounting inflation pressures are hitting Asia, Europe and the US.
