The oil reserves of the main powers, in a graph that summarizes how well China is doing

Since the Strait of Hormuz was closed On February 28, after the offensive by the United States and Israel, the world as we know it hangs by a thread: going to a gas station to refuel, catching a flight or simply filling the refrigerator are mundane actions at risk, although at the moment what we have noticed the most is that prices go up and flight cancellations. The threat of running out of oil is getting closer.

Oil is not just energy: having oil means having more time in the face of an energy crisis. The question is: how many days can an economy function without a single new barrel entering its borders? Well, it depends on two factors: how much you have stored and how you manage it.

A few days ago the United States Energy Information Administration answered that question in the form of graphic for some of the world’s major powers. The result is uncomfortable and summarizes very well that China has done its homework. The EIA analysis shows oil inventories in December 2025, that is, just before the game began. We insist: it is not just the barrels that remain, it is a map that reveals who has room to hold out.

That the Strait of Hormuz is closed It doesn’t affect everyone the same.. In March 2026, the United States and other IEA members they agreed a coordinated emergency release of reserves after the closure because approximately 20% of the world’s oil passes through that redoubt of a few kilometers. But the exposure to the shock is totally asymmetrical: while Europe and East Asia import massively from the Persian Gulf, the United States has record domestic production (13.6 million barrels per day) that drastically reduces your dependency.

Although China appears at the top as the outstanding leader, paradoxically it is the most exposed in volume, but also the best prepared in reserves: it has room to withstand months of supply cuts. On the other side of the coin is Europe, the most vulnerable to this situation: its reserves are noticeably smaller and its own production is residual.

Which countries are most and least prepared for the closure of Hormuz

Inventory of crude oil reserves in some specific countries. EIA. December 2025

During 2025, China accumulated an average of 1.1 million barrels per day, reaching almost 1.4 billion barrels. To put it on scale, it is more than triple what the United States stores in its strategic oil reserve (1,397 compared to 413). And it has done so quietly: China does not publish official data on its inventories, so the EIA estimates them by crossing imports, exports and data from third parties such as Vortexa, Kpler and Kayrros.

As collects Reuterssince 2024, Chinese national companies add emergency oil to commercial reserves following government instructions. In short: they have a second strategic layer, logistics deliberately designed to endure in situations of blockade, sanctions or conflicts. China has made good use of cheap sanctioned Russian, Iranian and Venezuelan oil to fill its deposits at bargain prices, according to a report from the US Congressional Committee.

Estimated crude oil inventories of China and the United States in December 2025. EIA

Although the United States strategic reserve has capacity for 714 million barrels, at the end of last year it barely had just over 400, its lowest level in decades, after large sales in 2022 and 2023. The explanation is that the United States used its reserve to mitigate inflation after the war in Ukraine and has not yet recovered. That is to say, America’s room for maneuver has been reduced and with reserves at 58% and the Strait of Hormuz closed, it is at its lowest levels since the early 1980s, when the SPR was still in the process of filling.

If there is a phrase to define the situation of the old continent, it is that Europe is hanging by a thread. OECD Europe held just 179 million barrels in government inventories as of December 2025, a structurally weak figure for a bloc that imports more than 97% of the oil it consumes. That Europe is dependent on oil is not a surprise, but with the closure of Hormuz the need to change this reality is urgent. He underlying problem in Europe is fragmentation: each member state manages its own reserves under the minimum framework of 90 days of demand required by the IEA, but without a common European strategic reserve. So in the face of a severe crisis, the response comes disseminated and not unified.

Japan takes bronze, with 263 million barrels accumulated in government reserves. However, what is most striking is its legal architecture: the Petroleum Storage Law Japan forces private industry to maintain 70 days of demand (about 220 million additional barrels) over the government’s 90 days. A public and private double layer system that makes Japan the most robust system per capita. Finally, Japan participates in the international joint storage system: the EIA excludes from its calculation the international joint storage inventories that Japan maintains outside its borders. That is to say, the real figure of Japanese access to crude oil in an emergency scenario is higher than what the graph says.

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Cover | EIA