The Group of Seven nations hold approximately 1 billion barrels in emergency oil reserves that could be tapped to stabilize markets as prices surged toward $120 per barrel during the ongoing Iran war, the International Energy Agency announced last week Monday.

The visualization above shows how much oil G7 countries hold in emergency reserves. 

The combined stockpile totals 1,019.4 million barrels across seven countries, according to IEA data, but the distribution reveals who would actually control any emergency release.

TL;DR

• The United States (415.4 million barrels) and Japan (260 million barrels) control two-thirds of available reserves.
• Canada, despite producing approximately 5 million barrels per day and ranking as one of the world’s largest oil exporters, holds zero emergency reserves.

The data exposes surprising patterns about which nations hoard oil and which don’t. 

Meanwhile, Japan (which imports 99% of its petroleum and produces virtually nothing domestically) stockpiles 260 million barrels, more than Germany, France, Italy, and the United Kingdom combined.

NOTE: 

• Canada does not have a strategic petroleum stockpile, and is not required ⁠to by ​the IEA as a net oil exporter.
• Italy’s figure of 76 million barrels is what is required by law to have. The economy ministry did not respond to a request ​for comment on the actual ​figure.

U.S. Dominance Shapes Any Response

The U.S. Strategic Petroleum Reserve’s 415.4 million barrels exceed the combined stockpiles of Japan (260 million), Germany (110 million), and France (120 million), which together total 490 million barrels. 

This concentration means any coordinated G7 release would require American participation to be meaningful.

However, the U.S. reserve has already been significantly depleted from its historical peak of approximately 700 million barrels in the mid-2000s, according to Reuters. 

The Biden administration released roughly 180 million barrels in 2022 during the Ukraine war (the largest coordinated drawdown in IEA history)

That left the SPR down about 40% from its maximum capacity.

Import Dependence Drives Hoarding

A clear inverse correlation emerges in the data: 

Countries that cannot produce oil tend to stockpile heavily, while major producers rely on production capacity rather than building expensive storage.

1. Japan’s 260 million barrel reserve translates to approximately 74 days of domestic consumption based on the country’s daily usage of 3.5 million barrels. 
2. France holds enough for 75 days of consumption with 120 million barrels against 1.6 million barrels daily use. 
3. Germany’s 110 million barrels cover 46 days at 2.4 million barrels per day.

By contrast, the United States (despite holding the largest absolute reserve) covers just 21 days of domestic consumption because Americans use approximately 20 million barrels daily.

The United Kingdom presents another anomaly. As a North Sea oil producer generating roughly 1 million barrels daily, Britain maintains just 38 million barrels in emergency reserves—the second-smallest stockpile in the G7 after Canada’s zero.

How Long Could Reserves Last?

The 1 billion barrel headline sounds substantial, but context reveals limitations. 

Global oil consumption runs approximately 100 million barrels per day, meaning the entire G7 stockpile equals just 10 days of worldwide demand.

The Iran war has disrupted flows through the Strait of Hormuz, with Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait cutting production by an estimated 6.7 million barrels daily as storage tanks fill and the region’s main export route faces what officials describe as a “near-standstill.”

If G7 reserves were used to completely replace these lost barrels, the 1,019.4 million barrel stockpile would last 152 days (about five months). 

But completely draining strategic reserves remains unrealistic. Countries maintain these stockpiles precisely to avoid total depletion during crises.

More plausible scenarios based on historical precedent involve tapping 10-20% of total reserves. A release of 100-200 million barrels could supplement markets for 15-30 days at current deficit levels, similar to past interventions.

Historical Context for Releases

The IEA has coordinated emergency releases before. In 2011, member countries released 60 million barrels in response to Libya’s civil war disrupting production. 

That release, according to Reuters, temporarily reduced prices by $10-20 per barrel.

The 2022 Ukraine response saw 180 million barrels released (with the U.S. contributing the majority) in what represented the largest coordinated drawdown in the agency’s history. 

Oil prices, which had spiked above $120 per barrel in March 2022, eventually moderated as the releases hit markets, though multiple factors beyond the stockpile drawdown influenced price movements.

What Happens Next

The IEA’s Monday announcement that releases are under “consideration” indicates discussions remain ongoing about whether, when, and how much emergency oil might hit markets. 

Oil prices that touched $120 per barrel last week Monday subsequently fell after U.S. President Donald Trump suggested the Iran war might end soon.

The question facing policymakers is whether strategic reserve releases can meaningfully address a supply disruption estimated at 6.7 million barrels per day. 

Or…

whether such releases merely buy time while diplomatic efforts work to resolve the underlying conflict.

Sources: 

IEA | Reuters | U.S. Energy Information Administration | ANRE |