Petroleum Reserves

Strategic Petroleum Reserves

Oil has been a highly strategic resource for industrialized countries since the 20th century. This source of energy has enabled them to develop and is a linchpin of their economies. This is why they make sure they have sufficient reserves of crude oil and petroleum products. These reserves provide a measure of self-sufficiency so that they have something to fall back on if, for example, their oil imports are suddenly cut off.

In 1968, the European Commission imposed a requirement on European Union member states to maintain the equivalent of 65 days’ worth of oil imports in reserves. In 1972, against the backdrop of the oil crisis, this was increased to 90 days. In addition, as of 2012, all E.U. member states have been required to publish a monthly report on their strategic reserves.

Security Rules

Freshly delivered crude oil can be stored not just for strategic reasons, but also simply pending refining.

The organizations that manage these storage depots must meet a number of safety and security standards. The two main risks that must be prevented are:

• Fire.
• Land and water pollution caused by leaks. To prevent this type of pollution, the tanks are regularly inspected and the extend of

  corrosion

  The gradual degradation of a material by a physical or physicochemical reaction with its envi...

  Go to definition

  (wear and tear) is checked. Acid gases — carbon dioxide and

  hydrogen

  The simplest and lightest atom, the most abundant element in the universe.

  Go to definition

  sulfide — contained in the oil can corrode the tanks over time.