Countries that rely heavily on imported oil often maintain large emergency reserves to protect themselves during supply disruptions. These stockpiles act as a safety buffer, helping governments stabilise markets and maintain fuel supplies if global energy flows are interrupted. Amid rising tensions in the Middle East and concerns about possible disruption in the Strait of Hormuz, the International Energy Agency (IEA) has called for coordinated action from major economies.
During an online meeting with Group of Seven finance ministers, the agency urged countries to consider releasing emergency reserves if necessary.
Japanese Finance Minister Satsuki Katayama said, "IEA called for each country to do a coordinated release of oil reserves," adding, "In response to the current situation... the G7 has agreed to continue closely monitoring developments in the energy market and to take necessary measures to support global energy supply, including the release of oil reserves," as quoted by Reuters.
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Under IEA rules, member countries that import more oil than they export must maintain emergency reserves equal to at least 90 days of imports. These reserves are typically stored in government facilities, commercial storage tanks and industry stockpiles.
The United States maintains the world’s largest emergency oil reserve.
According to the US Energy Information Administration, the Strategic Petroleum Reserve currently holds about 415.4 million barrels of crude oil. In addition, private companies hold around 439.3 million barrels in commercial reserves, Reuters reported.
Reports suggest that China has accumulated one of the world’s largest strategic and commercial crude oil reserves. Analysts say the country held an estimated 1.2 billion barrels of onshore crude stockpiles as of January, enough to cover roughly three to four months of demand, which could delay the economic impact of any prolonged global supply disruption.
Energy-import dependent Japan also maintains massive reserves.
The country holds about 260 million barrels of crude oil in government reserves, while total oil-equivalent storage across the country reaches roughly 470 million barrels. Government reserves alone cover about 146 days of imports, while private companies maintain another 180 million barrels of fuels, including around 90 million barrels of crude oil.
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