Strategic Reserves for a Volatile World: Building Buffers Across Crude, LNG and LPG

Geopolitical disruption, contested maritime chokepoints and concentrated supply have renewed interest in strategic energy reserves. Crude remains central, though import-dependent economies are also weighing LNG, LPG, commercial inventories and overseas or reciprocal stockholding as complementary buffers. Reserves are costly insurance, and capacity that sits idle in normal markets still has to be financed. Size, location, ownership and release triggers have to be settled together, alongside connections to ports, pipelines and demand centres. Cross-border collaborations can change how reserves are held. Producers store closer to their buyers, importing economies share terminal capacity, and reciprocal agreements extend cover beyond any single country's holdings. The discussion will focus on striking the balance between meaningful supply security and the cost of holding idle capacity. It will also deep dive into cross-border arrangements that make reserves affordable to build and hold.