India and Europe Increase Oil Stockpiles as Prices Fall After Hormuz Closure

Semafor reported that falling oil prices and the easing of a commodities crunch have pushed countries to shore up energy stockpiles after the closure of the Strait of Hormuz during the Iran war. India, which relies on the Gulf for the vast majority of its oil imports, is moving to build larger crude inventories, expand storage capacity, and negotiate new supply partnerships.

Europe is also seeking to increase reserves.

Analysts have called for China to expand its strategic stockpile beyond oil and into natural gas, critical minerals, and key components. The Shirashima National Petroleum Stockpiling Base exists in Japan. “As the Hormuz shock subsides, the lesson for importers is clear: ‘impossible’ disruptions can happen,” a Reuters columnist wrote.