Dear MEL Topic Readers,
Which countries have strategic oil reserves – and how much?
The Strait of Hormuz is a 167 km long, 40-to-100 km wide waterway
between the Persian Gulf and the Gulf of Oman. It provides the only sea passage
from the Persian Gulf to the open ocean, allowing around 20% of the world’s
oil and liquified natural gas (LNG) from the Gulf to the world, particularly to
Europe and Asia. The crucial waterway for the world’s energy supply has been effectively
closed by Iran for weeks, which has been under attack by the USA and Israel. The
world is now sourcing oil and gas from other exporters, including Russia,
reducing supply like South Asian countries, or releasing its reserves like
Japan. Global strategic petroleum reserves (GSPR) refer to crude oil
inventories held by 30 governments of the International Energy Agency (IEA)
members, including the USA, Japan, South Korea, New Zealand, France, Germany,
and the UK, along with major importers like China and India. It held over 1.2
billion barrels of public emergency oil stocks and 600 million barrels of
industry stocks held by private organizations, equivalent to a few months’
consumption. Which countries have such oil reserves, and how much?
Read the article and learn how the world has prepared for oil shortages
like now.
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