Who holds the biggest strategic oil reserves? in Oil & Companies News 16/03/2026 When 32 countries this week moved to tap their emergency crude oil stockpiles in an effort to steady soaring oil prices, the gesture was quickly overshadowed by Iran’s escalating strikes in the Strait of Hormuz. The members of the International Energy Agency (IEA), a coalition of major energy‑consuming nations, agreed on Wednesday to release hundreds of millions of barrels of oil from their strategic oil reserves. Instead of helping oil prices lower, the price of Brent crude rose around the $100 (€87.30) a barrel mark toward the end of the week, having spiked to $119.50 for a short time on Monday. Around the announcement, Iran intensified its attacks near or in Hormuz, striking multiple commercial vessels — including oil tankers and cargo ships — with projectiles, drones and explosives. Since the war started on February 28, Tehran has effectively blockaded the narrow strait, used by Gulf nations to export a fifth of the world’s crude oil and gas, mostly to Asia, halting almost all tanker traffic. Major oil producers in the region, including Saudi Arabia, Iraq, Kuwait and the United Arab Emirates, have also cut output as their domestic storage near capacity, further raising concerns about energy market stability. Businesses and consumers suffer from high diesel prices What is a strategic oil reserve? A strategic oil reserve is a government-controlled stockpile of crude oil held for use during supply disruptions or market emergencies. The first modern reserve was created by the United States in 1975 after the Arab oil embargo exposed the vulnerability of global energy supplies. That shock quadrupled the price of oil, triggering fuel shortages across the West and exposing just how vulnerable economies were to sudden supply cuts. Today, dozens of countries — mostly IEA members — maintain strategic reserves as part of a coordinated system to protect energy security. Together, IEA members maintain over 1.2 billion barrels of public emergency reserves, supplemented by roughly 600 million barrels held by industry. China is believed to have the largest emergency reserves, followed by the US. Although Beijing keeps a tight lid on exact figures, energy and shipping analytics firm Vortexa estimated the country’s total stockpile at 1.3 billion barrels. The cache is thought to be enough to keep the Chinese economy powered for up to three to four months. The US federal stockpile of 415 million barrels, backed up by 439 million barrels held privately, equates to more than 40 days of emergency supply. How much oil have IEA members agreed to release? The IEA said members would release 400 million barrels of oil from their emergency stockpiles. By comparison, after Russia invaded Ukraine in 2022, the previous record released was 182 million barrels. The Paris-based energy agency said stocks would be made available gradually based on each country’s circumstances. The US will lead with a contribution of 172 million barrels from its Strategic Petroleum Reserve (SPR), starting next week. US deliveries are expected to be rolled out over 120 days. Japan said it would release around 80 million barrels, equivalent to some 45 days of domestic supply, drawing from both private-sector and state stockpiles. Other contributors include Germany, Australia, France, South Korea and the United Kingdom. IEA members are expected to keep around 90 days of emergency stockpiles of net oil imports.