Above-ground mineral oil storage in Wilhelmshaven in Northern Germany.image: jörg sarbach
The markets are in turmoil because of the war in Iran. Tapping into strategic oil reserves could provide peace of mind – or have exactly the opposite effect.
March 10, 2026, 7:50 p.mMarch 10, 2026, 7:50 p.m
Remo Hess, Brussels / ch media
90 days – that’s how long Europe’s strategic reserve would last if there were a global oil shortage due to the Iran war. EU rules and agreements within the framework of the International Energy Agency (IEA) oblige European states to create emergency stocks.
Switzerland also operates various compulsory camps. According to the Federal Office for State Economic Supply (BWL), this could cover requirements for up to four and a half months. However, the supply of mineral oil products to Switzerland is currently guaranteed, according to the BWL upon request.
But for how much longer? In any case, there is already discussion in Europe about tapping the oil reserves. On Monday, the finance ministers of the western G7 states said they would take “all necessary measures” and, if necessary, mobilize oil reserves.
Markets calming down – or just getting excited?
The G7 has around 1.4 billion barrels of crude oil. If they released 300 to 400 million of them, it would be a strong signal to the market – with a potentially dampening effect on prices.
However, there is a risk that exactly the opposite would happen. Market participants could interpret the use of reserves to mean that the oil crisis has now definitely broken out. This would then lead to panic buying and an additional price increase.
Since their introduction in the 1970s, the reserves have only been touched four times. Namely during the Gulf War in 1990/91, after Hurricane Katrina in the USA in 2005, after the overthrow of the Libyan dictator Muammar Gaddafi in 2011 and most recently after Russia’s attack on Ukraine four years ago. The releases were coordinated internationally.
NATO maintains its own emergency supplies
Germany holds the largest oil reserves in Europe. For security reasons, they are distributed decentrally across Germany. Important storage facilities are located in caverns of former salt domes, for example near Etzel in East Frisia. Other depots can be found above ground, for example in major ports or near pipeline junctions. This makes quick distribution possible in an emergency. In addition to crude oil, there are also mandatory warehouses for oil products such as diesel, gasoline, heating oil or kerosene.
Private companies play a central role in emergency care. In Germany, for example, all importers and processors of oil products must hold mandatory reserves. The petroleum storage association (EBV), appointed by the companies, organizes and monitors the creation of reserves. In the USA, on the other hand, large oil caverns are state-owned.
The strategic reserves should not be confused with the supplies that the armies hold. They have also stored oil products and, above all, fuel in the event of a crisis in order to guarantee their operational capability. The guidelines that NATO gives its members are part of defense planning and are secret.
In addition to storage on military bases, naval ports and underground depots, NATO maintains its own distribution network, the so-called “Nato Pipeline System” (NPS). It stretches over several thousand kilometers and connects seaports with air force bases and important NATO bases. In peacetime it can also be used for commercial purposes.
In the wake of the Russian attack on Ukraine, NATO intends to expand its pipeline system. The eastern flank of the alliance area in particular is still underdeveloped. A large proportion of fuel is still transported east by rail or road. This logistical vulnerability could endanger the fuel supply of NATO troops in the event of a conflict. (aargauerzeitung.ch)