China leads global oil stockpiles in 2025
China, the United States, and Japan held the world's largest strategic oil inventories as of December 2025, the US Energy Information Administration (EIA) said in a recent note.
The EIA examined significant global buildup in strategic oil inventories as of December 2025, prior to the International Energy Agency (IEA)-coordinated emergency release in March 2026 triggered by the Strait of Hormuz disruption. These reserves—first established by OECD countries in the 1970s—continue to serve as a critical buffer against supply shocks.
China holds the largest volume of oil inventories globally. EIA estimates about 360 million bbl in government-held stocks and roughly 1 billion bbl in commercial inventories, bringing its total to nearly 1.4 billion bbl. The agency said China added about 1.1 million b/d to inventories in 2025, reflecting an aggressive stockpiling strategy.
The US follows, with about 413 million bbl in its Strategic Petroleum Reserve (SPR) as of December 2025, alongside more than 400 million bbl in commercial crude stocks, EIA said. Japan ranks third, holding 263 million bbl in government reserves, with an additional 220 million bbl required under Japan’s Oil Stockpiling Act. OECD Europe held about 179 million bbl, and South Korea maintained roughly 79 million bbl.
Among non-OECD countries, estimates are less transparent, EIA noted. Saudi Arabia held about 82 million bbl, Iran 71 million bbl, and the UAE 34 million bbl in on-land inventories, while India’s SPR totaled 21.4 million bbl, with plans to expand storage capacity domestically and abroad.
Global estimates remain conservative due to limited transparency and varying definitions of “strategic” inventories, EIA said. In most countries, only government or national oil company holdings are counted, though China is a key exception where commercial inventories are included due to state-directed stockpiling.
EIA plans to update its assessment periodically in its Short-Term Energy Outlook beginning this May.