Global strategic petroleum reserves | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-05-16

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Global_strategic_petroleum_reserves


00:01:33 1 International Energy Agency reserves
00:02:24 2 Forward commercial storage agreements
00:03:03 3 Emergency oil sharing agreements
00:03:21 3.1 The Japan, New Zealand and South Korea agreement
00:04:05 3.2 The United States and Israel agreement
00:04:29 3.3 The France, Germany, and Italy agreement
00:05:11 4 Africa
00:05:19 4.1 Kenya
00:05:41 4.2 Malawi
00:06:05 4.3 South Africa
00:06:36 5 Asia
00:06:45 5.1 China
00:08:22 5.2 India
00:09:47 5.3 Japan
00:12:58 5.4 South Korea
00:14:06 5.5 Others
00:15:27 6 Europe
00:15:36 6.1 European Union
00:19:23 6.2 Russia
00:20:00 6.3 Switzerland
00:20:21 7 Middle East
00:20:30 7.1 Iran
00:22:05 7.2 Kuwait
00:22:29 7.3 Israel
00:22:46 7.4 Jordan
00:23:06 8 North America
00:23:15 8.1 United States
00:25:04 9 Oceania
00:25:51 10 See also



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SUMMARY
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Global strategic petroleum reserves (GSPR) refer to crude oil inventories (or stockpiles) held by the government of a particular country, as well as private industry, to safeguard the economy and help maintain national security during an energy crisis.
According to the United States Energy Information Administration, approximately 4.1 billion barrels (650,000,000 m3) of oil are held in strategic reserves, of which 1.4 billion is government-controlled. The remainder is held by private industry. In 2004 the U.S. Strategic Petroleum Reserve had the largest strategic reserve, with much of the remainder held by the other 27 members of the International Energy Agency. Some non-IEA countries have started work on their own strategic petroleum reserves. China has the largest of these new reserves.
Global oil consumption is in the region of 0.1 billion barrels (16,000,000 m3) per day.  The 4.1 bbl reserve is equivalent to 41 days of production. If there ever is a dramatic fall in global output, as envisaged by some peak oil analysts, the strategic petroleum reserves might be used to cover the shortfall. Covering a 50% shortfall would deplete the reserves in 82 days, although export leaders the Middle East and Russian exports represent only 22% and 6% respectively of global production.