With the Strait of Hormuz still blocked, and with oil reserves begin drawn down around the world, great attention is being paid to which countries have sufficient “oil buffers” available to deal with the crisis. An [article in Al Jazeera](
https://www.aljazeera.com/economy/2026/5/12/global-energy-crisis-highlights-meagre-oil-buffers-in-developing-world) reports that “according to IEA estimates, the 10 countries or blocs with the most reserves account for 70 percent of global stockpiles… [and] developing countries are among the least prepared to mitigate the shock.”
The article explains: “Although surging fuel prices due to the fallout of the US-Israel war on Iran have impacted most of the world, import-reliant poorer countries are among the worst affected and the most lacking in energy reserves to cushion the blow. Apart from the Middle East and Central Asia, the epicenter of the conflict, the Asia Pacific region, where many economies are heavily reliant on imported fuel, is expected to take the biggest economic hit.”
“China is estimated to maintain about 1.4 billion barrels of emergency supplies, more than the combined reserves of the US, Japan, the European members of the OECD, and Saudi Arabia, according to the US Energy Information Administration. Other non-IEA members with substantial stockpiles include India, Saudi Arabia, the United Arab Emirates and Iran.”
On the other hand, Texas-based Rystad Energy “estimates that more than 70 percent of the world’s population lives in countries that lack sufficient buffers.”
The reason is obvious enough: “For countries facing foreign exchange constraints, debt servicing pressures, food import bills, electricity subsidies, and social protection needs, holding millions of barrels of oil in storage can look like a luxury, even when it is strategically necessary,” Pakistani energy expert Khalid Waleed told Al Jazeera.