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Latin America running on empty with a lack of reserves

Latin America does not have a well-established infrastructure of strategic petroleum reserves (SPRs), with Chile the only country so far to seriously consider establishing such a facility

As Latin America’s largest oil importer, Chile requires refineries and liquid fuel importers to maintain stocks equal to 25 days sales over the previous six months. The country held stocks of 10.3 million barrels, equal to around 30 days of domestic demand, at the end of June 2012, according to the International Energy Agency (IEA). The system, though, is largely self-regulated by the industry and there is no legal mechanism in place for the government to use the stocks in an emergency – a situation that has been criticised by outside bodies for leaving the country vulnerable during crises. Chile, though, is a candidate country for membership to the IEA, which would make it the first Latin

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