STRAIT RESTRICTED — Day 89 of disruption

Strategic Petroleum Reserves

Emergency oil stockpiles that buffer nations against supply disruptions

1.2B
Total OECD Barrels
90
IEA Mandate (Days)
680M
US SPR Barrels
38
US SPR Days Cover

What Are Strategic Petroleum Reserves?

Strategic Petroleum Reserves (SPR) are emergency stockpiles of crude oil maintained by governments to mitigate the economic impact of supply disruptions. The concept was born from the 1973 OPEC oil embargo, which caught importing nations without any buffer against supply shocks. The International Energy Agency (IEA) requires all member nations to maintain reserves equivalent to at least 90 days of net oil imports.

During the current Hormuz crisis, SPRs serve as the primary short-term buffer. The US has already authorized a drawdown of 30 million barrels, and other IEA members have coordinated a 60-million-barrel collective release. However, at current consumption rates, global SPR capacity covers approximately 4-5 months of disrupted supply — after which nations without alternative sources face energy rationing.

Country-by-Country Reserve Levels

Reserve Level as % of IEA 90-Day Mandate

How SPR Works During a Crisis

1

Decision Phase

IEA coordinates with member governments. A collective action requires a vote by the IEA Governing Board. The US President can independently authorize a drawdown of the US SPR. Decision typically takes 2-5 days from crisis trigger.

2

Drawdown Phase

US SPR can deliver 4.4M barrels/day within 13 days of a presidential decision. Oil is sold via competitive auction to refiners. Other IEA nations activate their respective mechanisms. Physical oil reaches markets within 2-3 weeks.

3

Depletion Risk

At maximum drawdown rate, US SPR would be depleted in ~150 days. Global IEA coordinated releases last approximately 4-5 months at 2M bbl/day. After depletion, no further buffer exists — nations must rely on market purchases at whatever price prevails.

Historical SPR Releases

Year Event Volume Duration Price Impact
1991 Gulf War 33.75M bbl 3 months -9%
2005 Hurricane Katrina 20.8M bbl 2 weeks -3%
2011 Libya Civil War 60.6M bbl (IEA) 1 month -6%
2022 Russia-Ukraine War 180M bbl (US) 6 months -12%
2026 Hormuz Crisis 90M bbl (planned) Ongoing TBD