Related Articles
Forward article link
Share PDF with colleagues

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

Also in this section
Nigeria's election hangs over energy sector
19 April 2018
Africa's biggest economy is growing again. But next year's vote is stalling reform and investment in its crucial energy sector
Syria: ruthless business as usual
18 April 2018
The joint US-UK-French strikes on chemicals targets in Syria won’t affect the war—but they could damage Trump's image in the region
Elections a new rupture point in Venezuela crisis
16 April 2018
A Maduro loss in May's election could be a turning point, but recovery will be lengthy