Which Countries Hold the Most Oil Reserves?

News Desk

Islamabad: Strategic Petroleum Reserves (SPR) are emergency stockpiles maintained by governments to cushion supply shocks during wars, natural disasters, or major market disruptions.

Countries in the International Energy Agency (IEA) collectively hold around 1.2 billion barrels in public reserves, alongside roughly 600 million barrels held privately under government oversight.

Countries and Their Strategic Oil Reserves

China (Non-IEA Member)

Although not part of the IEA, China is believed to hold the world’s largest oil reserves.

Estimated reserves: ~1.13 billion barrels

Mostly stored along the eastern coastline

Exact figures remain undisclosed

United States

The United States maintains one of the largest government-controlled reserves.

Total reserves: ~415 million barrels

Release announced: 172 million barrels

Established after the 1975 oil embargo

Japan

Japan holds substantial emergency reserves.

Total reserves: ~470 million barrels

Coverage: 254 days of consumption

Release planned: 80 million barrels

United Kingdom

The United Kingdom maintains moderate reserves.

Total reserves: ~68 million barrels

Coverage: 90 days

Release planned: 13.5 million barrels

Germany

Germany holds:

~177 million barrels (crude oil and refined products)

France

France maintains:

~120 million barrels (including diesel and jet fuel)

Spain

Spain has:

Total reserves: ~150 million barrels

Release planned: 11.5 million barrels

Italy

Italy holds:

~76 million barrels

Equivalent to 90 days of imports

Strait of Hormuz Crisis Triggers Global Response

The closure threat over the Strait of Hormuz has triggered a global energy emergency, forcing major economies to tap into strategic oil reserves to stabilise markets and prevent wider economic fallout.

According to a report by Al Jazeera, member states of the IEA have agreed to release a record 400 million barrels of oil, marking the largest coordinated drawdown in history.

Oil Prices Surge Above $100

Tensions escalated after the United States and Israel launched military action against Iran on February 28, prompting Tehran to restrict shipping through the Strait — a critical artery responsible for nearly 20% of global oil and LNG supplies.

As uncertainty gripped global markets, Brent crude prices surged from $65 to over $100 per barrel. Iran has warned it may fully close the passage if attacks on its energy infrastructure continue, raising fears of prolonged supply disruptions.

Global Energy System Under Pressure

With supply chains under strain and prices rising, the coordinated release of reserves highlights the fragility of global energy markets. While the move may offer short-term relief, analysts warn that prolonged disruption in the Strait of Hormuz could push economies into deeper instability.

The unfolding crisis underscores how geopolitical tensions in one region can ripple across the global economy, placing energy security once again at the centre of international concern.