Crude Stockpiles

What Are Crude Stockpiles?

Crude oil stockpiles, otherwise called inventory, are reserves of raw petroleum estimated in numbers of barrels. Oil producers and legislatures utilize crude stockpiles to streamline the impact of changes in supply and demand.

Inventory levels are impacted by OPEC's production choices, political events, tax policy changes, and different factors. Inventory levels influence the price of oil, with higher inventories leading to bring down prices.

Grasping Crude Stockpiles

Crude stockpile data for the United States is distributed consistently by the Energy Information Agency (EIA). This data shows the level of crude stockpiles in the U.S., excluding oil held in the Strategic Petroleum Reserve (SPR).

The Strategic Petroleum Reserve is an emergency fuel storage of petroleum kept up with underground in Louisiana and Texas by the United States Department of Energy (DOE). It is expected for emergency use in the event of a national energy crisis. The crude stockpiles reported consistently by the EIA are non-emergency reserves accessible for commercial use.

The EIA separately distributes data for the SPR, which shows the level of strategic oil stockpiles accessible in the event of a national emergency.

Global Crude Stockpiles from IEA for OECD

The United States isn't the main country to monitor and keep up with crude stockpiles. Consistently the International Energy Agency (IEA) distributes its oil market report where they reveal the crude stockpiles of OECD countries (The Organization for Economic Co-operation and Development (OECD) is comprised of 37 member countries).

These stockpiles are commercial stockpiles and are not part of the Global Strategic Petroleum Reserves (GSPR), which are crude oil inventories held by countries or private industries in anticipation of future energy emergencies.

The IEA was established in 1974 to assist its 30 member countries with overseeing crude stockpiles and improve energy security in the wake of the Middle East oil crisis. Each IEA member country presently has an obligation to have crude oil stock levels that compare to something like 90 days of net imports.

The 90-day commitment of each IEA member country depends on average daily net imports of the previous calendar year. This commitment can be met through the two stocks held only for emergency purposes (strategic reserves) and stocks held for commercial or operational use, including stocks held at processing plants, at port facilities, and in big haulers in ports.

Presently, there are three net exporting IEA member countries (Canada, Denmark, and Norway) that don't have a stockholding obligation under this agreement.

Features

• The Energy Information Agency (EIA) distributes data every week that shows the level of crude stockpiles in the U.S. — excluding oil held in the Strategic Petroleum Reserve (SPR).
• The SPR is an emergency fuel storage of petroleum kept up with underground in Louisiana and Texas by the United States Department of Energy (DOE) that is planned for emergency use in the event of a national energy crisis.
• Crude oil stockpiles, otherwise called inventory, are reserves of raw petroleum estimated in numbers of barrels.
• Oil producers and states utilize crude stockpiles to streamline the impact of changes in supply and demand.