In the 1970s, the United States and other OECD countries established strategic oil stocks aimed at mitigating the impact of supply disruptions. In March 2026, the United States, along with other members of the International Energy Agency, agreed to a coordinated emergency release of strategic oil stocks following the effective closure of the Strait of Hormuz.
In this article, we examine strategic global oil inventory levels as of December 2025, before the coordinated emergency release. We plan to update our assessment of inventories periodically in our Short-Term Energy Outlook beginning in May 2026.
We estimate that as of December 2025, the three largest strategic oil inventories were held by China, which added large volumes to its strategic oil inventories in 2025; the United States; and Japan. Other significant strategic inventories are held by countries in OECD Europe, the Middle East, and Asia.
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