Global strategic petroleum reserves

From Wikipedia, the free encyclopedia

Strategic petroleum reserves ("SPR") refer to crude oil inventories held by the government of a particular country, as well as private industry, for the purpose of providing economic and national security during an energy crisis. According to the United States Energy Information Administration, approximately 4.1 billion barrels of oil are held in strategic reserves, of which 1.4 billion is government-controlled. The remainder is held by private industry. At the moment the US Strategic Petroleum Reserve is one of the largest strategic reserves, with the remainder held by the other 25 members of the International Energy Agency.[1]

Contents

[edit] International Energy Agency reserves

According to a March 2001 agreement, all 26 members of the International Energy Agency must have a strategic petroleum reserve equal to 90 days of oil imports for their respective country. [2][3]

[edit] North America

The United States has the largest reported Strategic Petroleum Reserve with a total capacity of 727 million barrels. If completely filled, the US SPR could theoretically replace about 60 days of oil imports.[4]

Canada, as a net exporter of petroleum, does not maintain any strategic petroleum reserves.[citation needed] Rather, it would withhold oil exports in times of crisis.[citation needed]

[edit] Asia

China has begun development on a 800 million barrel strategic reserve. The current strategic reserve plan calls for the construction of four storage facilities (due to be completed in 2008) at Dalian in Liaoning Province, Huangdao in Shandong Province, Zhenhai and Zhoushan in Zhejiang Province.[5] In October 2006, China announced it had begun filling the recently completed 16 storage tank facility at Zhenhai. The other facilities are due to be completed by 2008. [6]

Japan has a SPR with state reserves of petroleum for 92 days of consumption and privately held reserves for another 78 days of consumption, for a total of 171 days of consumption. Interestingly, Japan does not report an actual number of their reserves (millions of barrels) just the amount of consuming days covered by the SPR. Therefore, these reserves could surpass the US SPR, since at current consumption rates 171 days of oil for Japan would consist of roughly 980 million barrels.[7] [8]

India previously met most of its oil requirements domestically. However the nation has undergone a dramatic increase in the consumption of oil recently. As a result they have also begun the development of a strategic crude oil reserve sized at 40 million barrels.

South Korea has a SPR with a 1999 reported size of 43 million barrels.[9]

Taiwan has a SPR with a 1999 reported size of 13 million barrels.[10]

Russia has begun plans for a strategic petroleum reserve [11]

Thailand has recently increased the size of its SPR from 60 days to 70 days of consumption.[citation needed]

Australia as a member of the IEA has 90 days of consumption in its official SPR.[citation needed] Additionally, the Australian government counts another 200+ days of consumption held by private reserves as a part of its unofficial SPR.[citation needed]

[edit] Europe

In the European Union, according to a Council Directive 68/414/EEC of 20 December 1968, all 25 members must have a strategic petroleum within the territory of the E.U. equal to at least 90 days average daily internal consumption.[12]

Germany has a SPR with an approximate size of 234 million barrels, meeting its 90 day IEA requirement.[citation needed] The German SPR is the largest in Europe.[citation needed]

Poland has begun construction of a SPR to hold approximately 90 days of consumption, this scheduled to be completed in 2008.[citation needed]

Hungary and Slovakia are currently sharing a joint SPR facility which provides 90 days of consumption to each country.[citation needed]

The Czech Republic has a four tank SPR facility in Nelahozeves run by the company CR Mero which contains its 90 day reserve.[13]

[edit] References

  1. ^ "Fact Sheet on IEA Oil Stocks and Emergency Response Potential", International Energy Agency, 2004-01-01.
  2. ^ [1]
  3. ^ [2]
  4. ^ See Strategic Petroleum Reserve
  5. ^ "China and Saudi Arabia: interesting SPR team up?", Marketwatch, 2006-03-23.
  6. ^ "Official: China starts filling strategic oil reserve", Associated Press, 2006-10-06.
  7. ^ "Energy Security in East Asia", Institute for the Analysis of Global Security, 2004-08-13.
  8. ^ "Energy Security Initiative", Asia Pacific Energy Research Center, 2002-01-01.
  9. ^ "Improving Energy Security Through an International Cooperative Approach to Strategic Oil Stocks", International Energy Agency, 2003-09-19.
  10. ^ "Improving Energy Security Through an International Cooperative Approach to Strategic Oil Stocks", International Energy Agency, 2003-09-19.
  11. ^ [3]
  12. ^ "Council Directive 68/414/EEC of 20 December 1968 imposing an obligation on Member States of the EEC to maintain minimum stocks of crude oil and/or petroleum products", European Union, 1968-12-20.
  13. ^ http://www.eia.doe.gov/emeu/cabs/visegrad.html

[edit] External links

For more on APEC strategic reserves:

For more info on the IEA reserves:

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